FACING FINANCE | DIRTY PROFITS 6 | 2018 Mining andExtractive Companies: Promises and Progress 6 1

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Content Vale Tinto Rio México Grupo Glencore Goldcorp Introduction Summary Executive Gazprom Eni 22 BHP Gold Barrick Anglo American Profiles Company relevance to extractives their and Standards and Norms International and company classification commitments Corporate Deeper: Digging Methodology © REUTERS/Muhammad Adimaja/Antara Foto 2015. 19, September Indonesia Papua, of province eastern the in Timika, near complex mine gold and copper Grasberg Freeport’s PT of mine open-pit the at guard stand police Indonesian Photo: Cover 25 41

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Harmful Investments Harmful companies multinational of chain supply the in labour child mining, Artisanal change climate and mining Banks, Value: Extracting biodiversity and mining Banks, Value: Extracting Features industry on extractive Introduction Exclusions Appendices Recommendations and Demand Barclays and HSBC Kingdom: United ING and Rabobank Netherlands: UBS and Suisse Credit Switzerland: DZ and Bank Bank Deutsche Germany: Agricole Crédit and Paribas BNP France: Mineração Samarco of case The – violations Rights toHuman contribute banks How Thanks and funders Thanks Sources Abbreviations Questions Survey 82 75

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s 70 52 63 60 66 57 54 45 47 49 Summary Executive Executive T ** * companies have dealt with human rights and environmental environmental and rights human with dealt have companies contribute tothesocietywheretheyoperate,andinvestors violations in their provision of finance over time. time. over finance of provision their in violations as 2012, since reports Profits Dirty in shown violations In Dirty Profits 6 Facing Finance shows how extractive extractive how shows Finance 6 Facing Profits Dirty In mining upturn. more extraction.Indeedallbusinessesmustrespectand too haveacriticalroletoplay,particularlyinthecurrent indigenous peoplearebeingtrampledinthepushforever well as how selected European banks have reacted to these to these reacted have banks European selected how as well

HSBC and Barclays, UBS and Credit Suisse, DZ BNP Paribas Deutsche Bank, Bank, and Crédit Agricole, ING and Rabobank. This information in the report has largely been gathered by NGOs in the countries of operation of theworstlabour,environmentalandhumanrights violations. Therightsofcommunities,farmersand he global extractives

industry

is

heavily involved in some – including Russia, Guatemala, Nigeria, Mexico and Madagascar.

The ten companies cover some of the largest global extractive extractive global largest of the some cover companies ten The covered all were selected companies extractive and mining The The results show that banks have continued to invest in in invest to continued have banks that show results The each in banks two largest the cover selected banks ten The American) were in 2011 already classified as “Most Contoversial as Contoversial “Most classified 2011 already in were American) (€1.5 billion) have the highest current shareholdings in the the in shareholdings current (€1.5 highest the have billion) (€15.4 followed (€15.9 closely billion), Barclays and billion) standpoint, the extractives industry has a substantial impact impact asubstantial has industry extractives the standpoint, pollution and harmful waste spills, labour violations and and violations labour spills, waste harmful and pollution remedy. provide to of companies failure the to due persist Over €100 Finance). Over Facing including NGOs by (as investigated Mining Companies” by Rep Risk. From a wider environmental environmental From awider Risk. Rep by Companies” Mining report are responsible for nearly 7,5 % of global industrial 7,5 industrial nearly for %of responsible global are report ten of these Five communities. of indigenous repression example for include that violations environmental and rights of human cases specific with illustrated are companies these companies (Glencore, BHP, Rio Tinto, Barrick Gold and Anglo Anglo and (Glencore, Gold BHP,companies Tinto, Barrick Rio Gazprom, Eni, Gold, BHP, American, Barrick Anglo companies: Netherlands and Switzerland. and Netherlands on climate change and 7 of 10 companies investigated in this this in investigated 7of 10 and companies change on climate of the following countries: the UK, Germany, France, the the France, Germany, UK, the countries: following of the over time and Rabobank has no shareholdings in any of the of the any in shareholdings no has Rabobank and time over (See period year seven the over companies the to of capital UBS (€2.2 billion) and Deutsche Bank Bank Deutsche (€2.2 companies. and UBS billion) extractive investments lowest the DZ have and 2). 1and Rabobank diagram of violations knowledge despite companies, mining destructive companies. current have 2010–2017 banks period nine the and over shareholdings totalling €6.9 billion. In total BNP Paribas Paribas BNP total €6.9 In billion. totalling shareholdings violations at their operations, in many cases these violations violations these cases many in operations, at their violations in previous editions of the Dirty Profits report and all have actual actual have all and report Profits Dirty of the editions previous in GHGs (1988-2015). GHGs of Vale. All and Tinto Rio México, Grupo Goldcorp, Glencore, provision (loans, equities and bonds) to the ten companies companies ten bonds) and to the equities (loans, provision were the largest providers providers largest (€14.2 the were billion), Agricole Crédit by capital through banks ten the by provided been has billion * ** 3

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Executive Summary Executive The Netherlands had the lowest amounts, amounts, lowest the had Netherlands The When analysing by country: The research also also research The country: by analysing When

shows that the top two French banks provided provided banks French top two the that shows particularly Rabobank. particularly second. in coming banks UK the with period, to harmful extractive companies over the the over companies extractive harmful to provision of capital amount highest the Capital provided by banks to companies over the the over companies to banks by provided Capital Capital provision 2010–2017 in € millions by Country. Country. by €millions in 2010–2017 provision Capital (by bank and by company, rounded to nearest million) nearest to rounded company, by and bank (by (rounded to nearest million) €millions in 2010-2017 period Diagram 1 and 2: 1and Diagram Diagram 3: 3: Diagram Crédit Agricole 14,236 BNP Paribas 15,960 France 4

United Kingdom HSBC 12,949 Barclays 15,450

Crédit Agricole 14,236 Barclays 15,450 BNP Paribas 15,960 BHP Billiton 20,315 Glencore 26,541 Switzerland Deutsche Bank 9,701 Germany UBS 10,757 Credit Suisse 9,045 Deutsche Bank 9,701 HSBC 12,949 Anglo American 7,198 Rio Tinto 8,465 Gazprom 11,533 Credit Suisse 9,045 1,319 Bank DZ Grupo México 3,121 Barrick Gold 6,326 UBS 10,757 Eni 8,552 Rabobank 2,331 ING 8,560 Netherlands Rabobank 2,331 ING 8,560 Vale 5,540 Goldcorp 2,710 Bank DZ 1,319

Executive Summary Executive The violations committed by companies covered in the report report the in covered companies by committed violations The Additionally, companies seem to attempt to evade their respon their evade to attempt to seem companies Additionally, sibilities via the sale of troublesome mine assets, Rio Tinto for for Tinto Rio assets, mine of troublesome sale the via sibilities affected. Conflict over water and land rights too are significant. significant. are too rights land and water over Conflict affected. are varied, however, a significant issue emerging from previ from emerging issue asignificant however, varied, are ous cases is the lack of remedy provided by companies to those those to companies by provided of remedy lack the is cases ous or providing remedy for communities affected. Some examples of examples Some affected. communities for remedy or providing example has sold off at least two of the five mines that Facing Fi that Facing mines five the of two off least sold at has example nance reported on in relation to human rights and environ and rights human to relation on in reported nance funding provided by the ten banks to the companies include: include: companies the to banks ten the by provided funding violations, without rectifying either the environmental damage damage environmental the either rectifying without violations,

€537 million. totalling 2014 2011 and And since 2014 the three banks have each given €369 million €369 million given each have banks three the 2014 since And In the case of Grupo México which Facing Finance reported reported Finance Facing which México of Grupo case the In BHP by owned (jointly Mineração Samarco company The carbon global highest third the being despite Gazprom, at on violations reported has Finance 2012 Facing Since serious labour violations have been reported. Since 2016 Since no reported. been have violations labour serious the notified directly Finance Facing personnel). security period provided capital of over €1 billion each to the company. the to each billion €1 of over capital provided period and Vale) was responsible for the worst environmental environmental worst the for Vale) responsible and was year seven the over have Paribas BNP and UBS HSBC, addition totalling over €2 billion Euros. Facing Finance has reported reported has Finance Facing Euros. €2billion over totalling - Bank 2010 Deutsche since from year every capital received riverine tailings disposal and use of excessive force by by force of excessive use and disposal tailings riverine likely not a case where banks have taken an ethical stance. stance. ethical an taken have banks where not acase likely mines At numerous State, Mexico. Sonora in water and land Barrick Gold’s operations (including environmental damage, damage, environmental (including Gold’s operations Barrick corporate finance was still provided directly to the company company the to directly provided still was finance corporate dam tailings its when of Brazil history the in catastrophe In of €168 million. value the to Gold Barrick in hold shares still banks of these four Yet 2014. since all year each concerns on in 2016, mine waste flooded rivers and contaminated contaminated and rivers flooded 2016, waste on in mine increasing is 2013 there since and Gazprom by on violations Euro. despite apparent evidence that the dam was not being well well not being was dam the that evidence apparent despite Free, to right the violated has company the that evidence responsible being and Arctic, the in rigs oil operating emitter, managed. BNP Paribas and HSBC provided loans to and and to loans HSBC provided and Paribas BNP managed. most banks still have shareholdings in the company this is is this company the in shareholdings have still banks most for various oils spills in the Arctic tundra of Russia, has has of Russia, tundra Arctic the in spills oils various for people. of indigenous Consent Informed and Prior issued bonds of Samarco Mineração SA (Samarco) between (Samarco) SA between Mineração of Samarco bonds issued banks have provided capital to the company, however, as as company, the to however, capital provided have banks 2015. November General in Brazil Gerais, Minas in broke HSBC of these and Bank Deutsche Paribas, BNP UBS, banks

mental ­mental - - - This report shows too, the long timescale and the significant significant the and timescale long too, the shows report This The Dirty Profits extractives report highlights that there is a there that highlights report extractives Profits Dirty The This report shows that most European banks are not doing not doing are banks European most that shows report This 14 of the International Covenant on Civil & Political Rights Rights &Political on Civil Covenant International of the 14 fight for just a small piece of the wealth. the of piece a small for just fight about it. about and environmental abuses. Investors are being protected, but protected, being are Investors abuses. environmental and all engagement processes, where the sustainability department department sustainability the where processes, engagement all among the respondents, as the bank details the industry and and industry the details bank the as respondents, the among information publish that banks few the among HSBC are and at time when the mining industry is booming, the LME index index LME the booming, is industry mining the when at time forward move cannot industry but the industry, extractive and mining the in possible is future remedy. to Asustainable access and on Business Principles Guiding UN of the three pillar and something do to calls increasing facing is industry finance the and ascandal is This invested. are monies where for rationale region as well as a description of the issue, its type (social, (social, type its issue, of the adescription as well as region example best the constitutes clearly on engagement reporting to willing they nor are performance, environmental and rights In our survey of the 10 banks covered in this report, BNP Paribas Paribas BNP report, this in covered 10 of banks the survey our In Human Rights. Both states and companies are responsible in in responsible are companies and states Both Rights. Human crying lack of transparency about the finance industry’s actual actual industry’s finance the about of transparency lack crying not. are environment the and rights human communicate their methods or specific red lines for exclusion. exclusion. for lines red or specific methods their communicate contamination of their land, water and air, continue to to continue air, and water land, of their contamination profits their increasing are companies Mining gains. huge occurred. Victims of human rights abuses have the right to to right the have abuses rights of human Victims occurred. on their engagement activities, but they do so only on an on an only so do but they activities, engagement on their effective remedy, as specified for example in articles and articles 2.3 in example for remedy,as specified effective have violations once remedy of provision the for takes it effort companies, harmful to regard with taken actions and engagement environmental, governance) and the status of the engagement for for engagement of the status the and governance) environmental, Rabobank’s case, this In level. anonymized and exemplary human their improve to companies extractive encouraging are they how not disclose do they whole -on the enough ensuring that there are mechanisms in place which provide provide which place in mechanisms are there that ensuring which means that we know practically nothing about the the about nothing practically know we that means which whether they had engaged with any of the extractive companies companies extractive of the any with engaged had they whether of question the to answer specific adetailed provide to willing was involved. was without remedying the sins of its past. This report comes comes report This past. of its sins the remedying without into extractive companies with well documented human rights rights human documented well with companies extractive into funds pour to continuing banks in results This report. this in is at its highest since 2014, with copper and iron ore seeing seeing ore iron and copper with 2014, since at highest its is be silenced by violence, threats and intimidation, and they still still they and intimidation, and threats violence, by silenced be the to subject remain mining by impacted communities but the 1 None of the banks covered in this report were were report this in covered banks None of the 5

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 © Google Earth Images Images Earth © Google Carajas iron ore mine in Brazil. 6

Introduction to theIntroduction Human Rights Violations Violations Rights Human Extractive Sector and “The extractive sector is unique because because unique is sector extractive “The as intrusive a social and environmental environmental and asocial intrusive as no other sector has as enormous and and enormous as has sector other no and Transnational Enterprises (TNCs) Enterprises Transnational and February 2006, Professor John Ruggie, Ruggie, John 2006, Professor February footprint.” UN Special Representative on Human Rights Rights on Human Representative Special UN

“The extractive industries also account for most allegations allegations most for account also industries extractive “The T

7,5 % of these global industrial GHGs (1988-2015). industrial 7,5 global of % these 2015, and about 70% of all anthropogenic GHG emissions. 7of 10 GHG emissions. anthropogenic 2015, 70% about of all and 2017 the sector ranked second highest (after banks) on the Vigeo Vigeo on the banks) (after highest second ranked 2017 sector the shows that almost a third of all business related human rights rights human related business of all athird almost that shows supported by current Sustainalytics research Sustainalytics current by supported highest of one the have to years the over continued has sector public and private security forces protecting company assets assets company protecting forces security private and public activists in 2017. in activists and a broad array of abuses in relation to local communities, communities, local to relation in of abuses array abroad and rights; of labour violations corruption; large-scale property; and by committed acts for typically are These humanity. against the destruction of livelihoods and the suppression the of protests. and of livelihoods destruction the rates of severe human rights and environmental violations, in in violations, environmental and rights human of severe rates In preventing and remedying these violations, governments, governments, violations, these remedying and preventing In complaints worldwide are associated with the raw material and and material raw the with associated are worldwide complaints companies investigated in this report are responsible for nearly nearly for responsible are report this in investigated companies has a substantial impact on climate change through its carbon carbon its through change on climate impact asubstantial has industry extractive the standpoint, environmental From awider play. to arole have investors and corporations Eiris industry ranking in number of controversies, this is also also is this of controversies, number in ranking industry Eiris crimes in complicity including up and to abuses, worst of the energy sector. Large projects in particular often cause relocations, relocations, cause often particular in projects Large sector. energy emissions. The fossil fuel industry and its products accounted accounted products its and industry fuel fossil The emissions. especially indigenous people.” Since 2011 a global framework framework people.” 2011 aglobal Since indigenous especially for 91% of global industrial greenhouse gas emissions (GHGs) emissions gas in greenhouse industrial 91%for of global guidelines, commitments (See Appendix 1) and overarching 1) overarching and (See Appendix commitments guidelines, for human rights has been implemented in the form of the of the form the in implemented been has rights human for Respect and Remedy’. In addition, a number of sector specific specific of sector anumber Remedy’. and addition, In Respect was linked to the highest number of killings of environmental of environmental of killings number highest the to linked was international laws exist. The mining, metals and extractive extractive and metals mining, The exist. laws international UN Guiding Principles based on the three pillars of ‘Protect, of ‘Protect, pillars three on the based Principles Guiding UN by Global Witness show that the mining and extractive sector sector extractive and mining the that show Witness Global by and Human Rights adopted in 2011. He also noted that that noted 2011. He also in adopted Rights Human and the development of the UN Guiding Principles on Business on Business Principles Guiding UN of the development the he adjacent quote by John Ruggie in 2006 was made during during made 2006 was in Ruggie John by quote adjacent he

3 Additionally, a recent report by Misereor also also Misereor by report arecent Additionally, 2 . Investigations . Investigations 5 7 4

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Introduction to the Extractive Sector and Human Rights Violations Violations Rights Human and Sector Extractive tothe Introduction The products of mining are something that we all rely on rely all we that something are of mining products The and fair water distribution was violated – the impact of water of water impact –the violated was distribution water fair and water to access where disregarded; were compensation and to get worse get to and environmental devastating to linked are these often too but all metals, and on minerals relies in live we world the that risk posed by mine tailings dams and potential tailings spills spills tailings potential and dams tailings mine by posed risk human rights consequences, particularly in countries of the of the countries in particularly consequences, rights human has become increasingly concerning. A further concern was the the was concern Afurther concerning. increasingly become has extraction and water pollution was a significant area of conflict conflict of area asignificant was pollution water and extraction extractive industry were significant, mine waste tailings and the the and tailings waste mine significant, were industry extractive mining of mineral resources, oil and gas in sensitive ecosystems ecosystems sensitive in gas and oil resources, of mineral mining for our daily lives, from our smartphone to our cars, to the the to cars, our to smartphone our from lives, daily our for for example in the Arctic or near fragile coral reef systems. reef coral fragile or near Arctic the in example for since 2012, as well as how banks have reacted to these to these reacted have banks how as well as 2012, since reports Profits Dirty previous in shown violations of evidence South. This report evidences case studies where the rights of rights the where studies case evidences report This South. violations in the provision of finance. finance. of provision the in violations whitening agent in our toothpaste. It is an undeniable fact fact undeniable It an is toothpaste. our in agent whitening In this Dirty Profits 6 report Facing Finance has sought to sought has Finance Facing report 6 Profits Dirty this In when speaking up against mining. In addition, oil spills in the the in spills oil addition, In mining. up against speaking when indigenous peoples, their land rights and right to resettlement resettlement to right and rights land their peoples, indigenous illustrate how extractive companies have dealt with the the with dealt have companies extractive how illustrate between mines and communities in all regions and is expected expected is and regions all in communities and mines between 8 6 ; and where communities face violent repression repression violent face communities where ; and sector. It is important to note that (in accordance also with with also (in accordance note that to It important sector. is this in forward measures sustainability push to work should The role of investors cannot be underplayed in the extractive industry, industry, extractive the in underplayed be cannot investors of role The positioned to contribute to the transition to a sustainable world” sustainable a to transition the to contribute to positioned Mining needs to be done in a radically different way if it is to is if it way different aradically in done be to needs Mining and trampling communities’ rights. Mining can be undertaken undertaken be can Mining rights. communities’ trampling and any other sector that may be a client of, or enter into a business abusiness of, into or enter aclient be may that sector other any long-term nature the and industry mining of the cycles bust and to the World Economic Forum the mining sector is “uniquely “uniquely is sector mining the Forum World the to Economic responsibly, through increased transparency, better reporting, reporting, better transparency, increased through responsibly, state- and mining, illegal mining, small-scale but also report, relationship with, abank. with, relationship and can institutions financial and Banks steps. these taking rights and environmental protections is required, and this report report this and required, is protections environmental and rights local populations. The actual costs of mitigating social and and social of mitigating costs actual The populations. local with agreement up in set be can and exist mining scale large It is not just the large global mining companies covered in this this in covered companies mining global large It the not just is Banks too have an important role to play in this, the costs of costs the this, in play to role important an have too Banks combat its negative image, provide for the green economy, green the for provide image, negative its combat company’s total costs. total company’s highlights where serious concerns arise. concerns serious where highlights have in place policies and practices to protect human rights and and rights human protect to practices and policies place in have owned entities that seek to profit from lucrative minerals, and and minerals, lucrative from profit to seek that entities owned Equally, they apply to any company or commercial vehicle from from vehicle or commercial company apply any to they Equally, structure”. and ownership context, operational sector, of “size, from companies mining prevent seemingly projects of mining of applying the UNGPs and in order to achieve this, banks must must banks this, achieve to order in and UNGPs the of applying environmental risks is not expensive, and by one estimate estimate one by and not expensive, is risks environmental must apply these rigorously. rigorously. applymust these from the Inter-American Development Bank, adds just 1% just adds a to Bank, Development Inter-American the from waste as well as ensuring the host communities and countries countries and communities host the ensuring as well as waste what has always been applied in all Dirty Profits Reports) the the Reports) Profits Dirty all in applied been always has what industry which survives the boom and bust cycles. According According cycles. bust and boom the survives which industry an be and energy, renewable and vehicles electric including investing in communities in the long term and reducing reducing and term long the in communities in investing environment the devastating for responsible are process, the in implementing mitigation measures is not high, but the boom boom but the not high, is measures mitigation implementing UNGPs apply to all business enterprises, including commercial commercial including enterprises, business apply all to UNGPs they have a critical role in ensuring that the projects they invest in do do in invest they projects the that ensuring in role a critical have they not cause harm to society or the environment. environment. the or society to harm cause not benefit from the impacts of extraction of impacts the from benefit banks and other entities in the financial sector, regardless regardless sector, financial the in entities other and banks but to do this a substantial improvement in respecting human human respecting in improvement asubstantial this but do to 8 9 This firmly places banks in the role the in banks places firmly This 7 . Also, alternatives to to alternatives . Also, 10

Methodology Methodology E The mines and projects were each investigated to evaluate evaluate to investigated each were projects and mines The The methodology above sought to remove the cases that were were that cases the remove to sought above methodology The A specific case study has also been highlighted which has been been has which highlighted been also has study case A specific ** * progress on previous human rights, environmental and labour labour and environmental rights, human on previous progress the from materials of raw extraction the involve that processes previously covered cases had been resolved. However, using our our using However, resolved. been had cases covered previously presented wherever possible. wherever presented and extractive companies and projects previously covered in in covered previously projects and companies extractive and and investors, were removed. This was for example the case case the example for was This removed. were investors, and the Dirty Profits Reports 1-5. Extractives are defined as “any defined are Extractives 1-5. Reports Profits Dirty the mining the on all undertaken was research edition, revisited” resolved as they would no longer be considered “Dirty Profits”. “Dirty considered be longer no would they as resolved the case to ensure first-hand and up-to-date information is first-handand up-to-date information ensure to case the given are updates available, is information Where researched. further and selection the in included were cases remaining financiers selected the to relation in the profile not fit did that concerns. Where mines had been sold been had mines Where concerns. cases were removed from the analysis. In addition, companies companies addition, In analysis. the from removed were cases evidence new no where For cases evaluated. were issues covered previously any closed, been had mines where basis; case by case or information was available, it was not possible to evaluate evaluate to not possible it was available, was or information on each of the previously covered cases in the company profile. profile. company the in cases covered previously of the on each earth to be used by consumers.” by used be to earth definition of resolved of definition due to the lack of reporting. To eliminate uncertainties, these these uncertainties, To eliminate of reporting. lack the to due drafted in collaboration with organisations closely linked to to linked closely organisations with collaboration in drafted for primarily state-owned companies such as Coal India. The The India. Coal as such companies state-owned primarily for Project level: level: Project Research was undertaken to evaluate whether any of the of the any whether evaluate to undertaken was Research whether this was due to the resolution of previous issues, or issues, of previous resolution the to due was this whether

for any potential future complaints by victims or other stakeholders, for damages or health problems that have not yet materialized. Definition of “resolved” : the communities have been compensated for any violation and any environmental damage caused has been rectified. Damages have been allocated by a court if necessary. A channel is available whole not evaluated in this publication. violations. However there are different approaches for spin offs, mergers, acquisitions and project sales as well as different approaches for actual or potential human rights violations. Sold mines were therefore on the A note to sold mines: sold mines do not absolve the company of responsibility in relation to human rights and environmental violations. Violations are the responsibility of the company in charge at the time of the To select extractive companies for this “Dirty Profits Profits “Dirty this for companies extractive To select xtractive company selection: company xtractive ** , few of the cases met these standards. these met cases of the , few * these were evaluated on a evaluated were these All information related to company violations is sourced from from sourced is violations company to related information All were banks European selected the to links with companies All sent letters asking them to detail what progress had been made made been had progress what detail to them asking letters sent companies. extractives ten to selection financiers) were evaluated based on their results in the the in results their on based evaluated were financiers) they have no large own banks). The top two banks of these five five of these banks top two banks). The own large no have they ratings agencies such as Arabesque and RepRisk, the number number the RepRisk, and Arabesque as such agencies ratings selected the to links financial sufficient not have did that In a separate evaluation at the company level, all mining mining all level, company at the evaluation separate a In countries were selected resulting in the following list. list. following the in resulting selected were countries as Luxembourg and Ireland (removing selected were centres Netherlands: ING and Rabobank Agricole Crédit and Paribas BNP France: For the selection of Financial Institutions, the Global Financial Financial Global the Institutions, of Financial selection For the as lawsuits journalists, investigative articles, news reports, NGO overlapped then were scores/appearances lower with companies those (excluding reports Profits Dirty previous from companies on existing cases. Responses were received from BHP, from Cerréjon, received were Responses cases. on existing Those in. appeared had company the reports Profits of Dirty number the and on, appeared company the lists of exclusion Switzerland: UBS and Credit Suisse Credit and UBS Switzerland: In Financial Institution Selection: Selection: Institution Financial In of operation. country the in ground on the NGOs partner as well the finalize to assessment project the from list project the with UK: HSBC and Barclays HSBC and UK: Centres Index 2016 Index Centres Vale. and Glencore by provided information Benchmark, Rights Human Corporate level: Company Germany: DZ Bank, Deutsche Bank Deutsche DZ Bank, Germany: 11 was used. The top five European financial financial European top five The used. was 12 16 13 14 15 9

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Methodology 2010 and 2011 as a baseline and to establish what banks did post post did banks what establish to and 2010 abaseline 2011 as and Those loans that do not relate to the activity of the company company of the activity the to not relate do that loans Those This does not signify that all assets in relation to the activity activity the to relation in assets all that not signify does This Where two companies are involved in the same mining project project mining same the in involved are companies two Where allocated loans all finance, project for provided are loans Where Where a syndicate of banks provided financing, but a breakdown but a breakdown financing, provided of banks asyndicate Where * shares and bonds were also based on similar estimations due to a to due estimations on similar based also were bonds and shares financial information, but only that which the database holds. database the which that but only information, financial financed (e.g. Eni’s 10% ownership in Nigeria LNG) (e.g.in Nigeria financed Eni’s ownership 10% and refining, production, extraction, the to related not finance publication in 2012. The financial data that is extracted is not all all notis extracted is that data financial 2012. The in publication provided to Samarco Mineração, owned jointly by BHP and Vale, and BHP by jointly owned Mineração, Samarco to provided avoid double counting in the totals. For example, where funds are are funds where For example, totals. the in counting double avoid these both and project, the to directly provided were funds and funds. allocated are company the to linked are that purpose corporate general as to loans, bond and share underwritings and shareholdings shareholdings and underwritings share and bond loans, to the assessment tables. This means that also deals are included, included, are deals also that means This tables. assessment the Vale in and BHP between equally divided are provided funds the lack of detailed data. of detailed lack Data was extracted from the ThomsonEikon database in relation relation in database ThomsonEikon the from extracted was Data Loans: Loans: companies are included in this report, the funds have been been have funds the report, this in included are companies have necessarily been directly involved in violating human rights rights human violating in involved directly been necessarily have other activities related to oil, gas, and minerals, metals and and metals minerals, and gas, oil, to related activities other was amount the not provided, was bank’s contribution of each divided equally for the participating companies. This is done to to done is This companies. participating the for equally divided of underwritings Often of banks. number the by evenly divided mining are not included in this review. This has been applied applied been has This review. this in not included are mining for the selected companies and banks over the period 2010 - period the over banks and companies selected the for September 2017. show to 2010September 2017 to selected period was The Shareholdings are as at 27 September 2017. at 27 as September are Shareholdings In undertaking the Financial Assessment: Assessment: Financial the undertaking In where information and detail is provided on the destination of destination on the provided is detail and information where where the company only owns a small share of the company company of the share asmall owns only company the where included. All other loans have been reviewed and investigated. investigated. and reviewed been have loans other All included. being investigated in this report are excluded. Therefore project project Therefore excluded. are report this in investigated being but instead indirectly. indirectly. but instead

These are: HSBC (UK), Credit Suisse (Switzerland), BNP Paribas (France), Rabobank (Netherlands) and Deutsche 10 The German banks DZ and Deutsche Bank however remain remain however Bank Deutsche DZ and banks German The Appendix 2. The results of the survey have been used variously variously used been have survey of the results The 2. Appendix as they were willing or able to provide – taking into account the the account into –taking provide or to able willing were they as actual environmental, social and governance (ESG) risks of (ESG) risks governance and social environmental, actual and engagement processes with the extractives industries. industries. extractives the with processes engagement and the 10 banks responded. 10 banks the the extractives industry in general, as well as measures taken taken measures as well as general, in industry extractives the to the survey. The survey aimed at evaluating changes in in changes at evaluating aimed survey The survey. the to responded banks selected ten of the Six industry. extractive the to approach general and policies their present to possibility the the banks interviewed, BNP Paribas and Rabobank provided provided Rabobank and Paribas BNP interviewed, banks the some with viewed be should survey of the results the therefore and low were survey the to rates Response report. the throughout It covered the banks’ processes in relation to the potential and and potential the to relation in processes banks’ the It covered In addition, a survey was conducted to give the above banks banks above the give to conducted was asurvey addition, In concerning the concrete cases of the 10 mining companies companies 10 mining of the cases concrete the concerning comparatively elusive regarding their ESG screening procedures procedures screening ESG their regarding elusive comparatively Among small. incredibly is sample representative the as caution often-mentioned constraints of client confidentiality – only 6 of – only confidentiality of client constraints often-mentioned European banks‘ policies in response to violations of mining and and of mining violations to response in policies banks‘ European detailed in this report. While the survey was designed to give give to designed was survey the While report. this in detailed extractive companies documented by Facing Finance and others. others. and Finance Facing by documented companies extractive most information, closely followed by HSBC and Credit Suisse. Suisse. Credit HSBC and by followed closely information, most Policy Analysis: Analysis: Policy banks the opportunity to provide as little or as much information information much or as little as provide to opportunity the banks * The survey questions can be viewed in in viewed be can questions survey The Methodology The proceeds of these corporate loans are usually declared declared usually are loans corporate of these proceeds The The easiest way for companies to obtain capital is to borrow borrow to is capital obtain to companies for way easiest The While FIs emphasise that it is important to differentiate between between differentiate to important it is that emphasise FIs While

What type of finance is covered and why? and covered is finance of type What particular share or bond in order to be able to react to market market to react to able be to order in or bond share particular all activities of the company, thus also including potentially potentially including company, also of the thus activities all Management of shares (holdings) of shares Management another important way for companies to increase their equity or equity their increase to companies for way important another tradable. This requires them to always hold a number of that of that hold anumber always to them requires This tradable. on investment. return possible best the receive companies the that and bonds and shares those for buyers sufficient are there investors. responsible socially as act and vote to by companies the for of capital availability the facilitate they not provide do they of clients, on behalf acquired are that loan capital. By offering underwriting services, banks ensure that that ensure banks services, underwriting offering By capital. loan finance) project and loans (corporate Finance Direct contentious business segments. segments. contentious business FI´s initially take over (all or) part of the newly issued shares or shares issued newly of the (all or) over part take FI´s initially companies as large-scale shareholders, granting them the right right the them granting shareholders, large-scale as companies Even investors. potential to attractive more them making hence harmful businesses and operations. Nevertheless, FIs benefit benefit FIs Nevertheless, operations. and businesses harmful or bonds on the market, the FIs as market makers keep them them keep makers market as FIs the market, on the or bonds own the investments, (i.e. through client fees). Furthermore, fees). client (i.e. Furthermore, investments, through the own demands. demands. difficult to determine their exact level of financial benefit from benefit financial of level exact their determine to difficult it making transactions, these regarding numbers detailed money. In most cases, money is borrowed from commercial commercial from borrowed is money money. cases, most In more importantly, FIs (can) have a significant influence on influence (can) FIs asignificant have importantly, more keeping their shares and bonds liquid on the financial markets, markets, financial on the liquid bonds and shares their keeping for ‘general corporate purposes’ and can therefore be used for for used be therefore can and purposes’ corporate ‘general for from these investments alongside their clients, even if they don’t they if even clients, their alongside investments these from Selling shares and bonds to private and institutional investors is is investors institutional and private to bonds and shares Selling intermediaries. After the successful placement of the shares shares of the placement successful the After intermediaries. investments they make with their own capital versus holdings holdings versus capital own their with make they investments Underwriting of shares and bonds (issuances) bonds and of shares Underwriting banks in the form of corporate loans or project financings. financings. or project loans of corporate form the in banks bonds to sell them to other interested investors, thus acting as as acting thus investors, interested other to them sell to bonds This was predominantly due to the slowing Chinese economy and and economy Chinese slowing the to due predominantly was This When evaluating the capital provision by all banks to all all to banks all by provision capital the evaluating When A note to trends: Trends in capital provision over time time over provision capital in Trends trends: A note to

soaring profits in the first quarter of 2018. quarter first the in profits soaring and began picking up again in late 2016. The mining industry industry 2016. late in mining The up again picking began and a decade-long boom, other commodities—including gold, nickel, nickel, gold, commodities—including other boom, a decade-long to provide capital fluctuates. Therefore the data for mining mining for data the Therefore fluctuates. capital provide to extreme particularly was cycle bust last This demand. reduced the boom and bust cycles in the metals and mining commodities commodities mining and metals the in cycles bust and boom the equities and bonds of loans, provision The sector. extractives the It is also worth noting that the mining sector is now in a dramatic adramatic in now is sector mining the that noting worth It also is cannot clearly identify the grounds on which banks increased increased banks on which grounds the identify clearly cannot years ten last the over shows report this that companies companies over the period it shows quite clearly the volatility of volatility the clearly quite it shows period the over companies or decreased their investments, and cannot therefore identify identify therefore cannot and investments, their or decreased more or less competitive and consequently banks willingness willingness banks consequently and competitive or less more market. For example, coal prices plummeted in 2013 then “after 2013 in “after then plummeted prices coal For example, market. Graph showing provision of capital by all ten selected selected ten all by capital of provision showing Graph Rio Tinto, BHP, Glencore and Anglo American have all reported reported all have Tinto, BHP, American Rio Anglo and Glencore whether it is down to improved ESG policies. policies. ESG improved to down it is whether varies wildly over time. The results of the financial data shows shows data financial of the results The time. over wildly varies upswing with mining companies again making record profits. record making again companies mining with upswing price. in swings of large ahistory has and cyclical highly is iron ore—followed thermal and coking coal down the shaft”. the down coal coking and thermal ore—followed iron Obviously as prices change miners become correspondingly correspondingly become miners change prices as Obviously banks to all ten extractive companies by year, by 2010-2017 companies extractive ten all to banks 14,773 2010 2011 11,645 -21% 2012 18,410 +58% 2013 17,147 -7% 2014 -48% 8,950 2015 18 15,375 +72% 2016 -54% 7,093 11 2017 6,915 -3% 17

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Commitments Mining CompanyMining Digging Deeper: I and practice, although on the whole practice is given more more given is practice whole on the although practice, and that responded to our survey noted that they look at both policy policy at both look they that noted survey our to responded that of majority the that 2), it clear (see make Appendix report this In this regard, this section looks at three further criteria, criteria, further at three looks section this regard, this In committed to human rights and environmental concerns. Results Results concerns. environmental and rights human to committed companies’ commitment to upholding human rights. rights. human upholding to commitment companies’ consideration. goes hand in hand with outcomes on the ground. 83% of the banks banks 83% of the ground. on the outcomes with hand in hand goes in covered banks international selected of the survey our from in addition to the company case studies, to further clarify clarify further to studies, case company the to addition in banks also look at the sustainability policies of companies, as this this as of companies, policies sustainability at the look also banks other factors also contribute to whether a company is seen to be be to seen is a company whether to contribute also factors other n addition to the direct evidence on the ground showing showing ground on the evidence direct the to n addition violations (covered in this document through the case studies) studies) case the through document this in (covered violations regarding case studies and progress Signatories to Voluntary Standards to Voluntary Signatories Have responded to Facing Finance Finance Facing to responded Have 12 Ranking on Business Human Human Business on Ranking Evaluation of case studies studies case of Evaluation and violations actual Rights Benchmark Rights Commitments Engagement Practice Policy

This provides a clearer picture as how much much how as picture aclearer provides This Vale (limited commitments, poor policies) poor commitments, Vale (limited all-rounders Bad Undermined: performers poor Pits: Extremely The Miner Threat: Poor in Practice Practice in Poor Threat: Miner standards, or no engagement as well as severe severe as well as orengagement no standards, strong voluntary commitments, have engaged engaged have commitments, voluntary strong policies, some commitments to voluntary voluntary to commitments some policies, average policies), Anglo American (no response), American policies), Anglo average about allegations, limited commitment to to commitment limited allegations, about any way the severity of the cases shown and and shown cases of the severity the way any there has been no response to Facing Finance Finance Facing to response no been has there the impacts of those companies on the ground. on the companies of those impacts the the company has to rectify within its own own its within rectify to has company the Including for example: middle of the road road of the middle example: for Including Both policies and practice are extremely poor, poor, extremely are practice and policies Both cases of violations. Rio Tinto (no response, (no Tinto response, Rio of violations. cases operations. However, this does not diminish in in not diminish does this However, operations. divide companies into three categories: three into companies divide examples. Grupo México, Gazprom, Barrick Barrick Gazprom, México, Grupo examples. examples of violations. BHP Billiton. Billiton. BHP of violations. examples fulfill some but not all of the requirements. requirements. the of all but some not fulfill Performance on the criteria below is used to to used is below criteria on the Performance voluntary agreements, and severe bad practice practice bad severe and agreements, voluntary with Facing Finance. In practice have severe severe have practice In Finance. Facing with Glencore (poor human rights policies), rights human (poor Glencore Gold, Goldcorp, Eni. Goldcorp, Gold, Good human rights policies, have made made have policies, rights human Good

Commitments Mining CompanyMining Digging Deeper:

Digging Deeper: Mining Company Commitments Mining Company Deeper: Digging 2017). 2017). The results of the financial data as shown below below as shown data financial of the results The The Role of Banks: Banks: of Role The financiers of the lowest ranked companies were were companies ranked lowest the of financiers provided in capital to the companies in the lowest lowest the in companies the to capital in provided €47 billion has been provided to the middle group group middle the to provided been has €47 billion (Eni and Gazprom are two companies in in companies two are Gazprom and (Eni to the company, despite serious bad practice practice bad company, the to serious despite Glencore. multinational, Swiss the to group. ranking categories, lowest two the in companies the to the lowest category that have received funds in in funds received have that category lowest the are environment and rights human to the including categories, the all in companies to largest financier of all the extractive companies companies extractive the all of financier largest lowest category, The Pits, where commitments commitments where Pits, The category, lowest BHP. Over €20 billion over 7 years was provided provided was 7 years over BHP. €20 billion Over been has 2010 €32 billion since over total In loans largest the gave 2017In Agricole Credit covered in this report. this in covered pits”. “The category the to capital over time. Rabobank was the lowest provider of provider lowest the was Rabobank time. over year past this in including occur, to continued of companies, the majority of which was provided provided was of which majority the of companies, diligence - particularly as BHP has been involved involved been has BHP as -particularly diligence of due lack aconcerning shows BHP examples. exceptionally poor. Additionally this has has this Additionally poor. exceptionally followed by BNP Paribas and Deutsche Bank. Bank. Deutsche and Paribas BNP by followed in the Cerrejón coal mine for the entire period period entire the for mine coal Cerrejón the in indicate that banks have provided financings financings provided have banks that indicate Only one company falls into the higher group, group, higher the into falls company one Only Crédit Agricole and HSBC. BNP Paribas was the the was Paribas BNP HSBC. and Agricole Crédit largest the of 7years, period full the Over 2010–2017 (in €millions) (in 2010–2017 Capital provided by Facing Finance Category (in € millions) Diagram 5: 5: Diagram Finance provided 2010–2017 by banks to each category category each to banks by 2010–2017 provided Finance 6: Diagram 10.000 12.000 14.000 Glencore 26,541 Undermined: Badallrounders Anglo American 7,198 2.000 4.000 6.000 8.000 0 Paribas BNP

Barc- lays

Agricole Crédit Vale 5,540

HSBC Rio Tinto 8,465 UBS BHP Billiton 20,315 Miner Threat: Poor inPractice Barrick Gold 6,326 Gazprom 11,533 The Pits:Extremely poorperformers Deutsche Bank

Suisse Credit

ING Mexico Grupo 3,121 Eni 8,552 Rabo-

bank „ie“ Threat „Miner“ The Pits Undermined 13

Goldcorp 2,718 Bank DZ

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 and Standards and their and Standards and International Norms relevance to extractives T The below details some specific issues of issues specific some details below The sector and some corresponding selected selected corresponding some and sector peoples are recognised to have a close aclose have to recognised are peoples all of the banks that responded claim claim responded that banks of the all Metals (ICMM), the Voluntary Principles Principles (ICMM), Voluntary Metals the to have based their ESG policy for the the for policy ESG their based have to areas where they hunt, fish and gather gather and hunt, fish they where areas recognised that they may have wider wider have may they that recognised It world. is natural the on and reside they that land the with relationship their to happens what over asay have to peoples of indigenous rights the to refers Transparency Industries Extractive the In our survey of banks (See Appendix 2) (See Appendix of banks survey our In land and natural resources. Indigenous Indigenous resources. natural and land and on Mining Council International Initiative (EITI). Also very specific specific very (EITI). Also Initiative and standards other by followed closely Free, Prior and Informed Consent (FPIC) Consent Informed and Prior Free, extractives and mining the in concern extractive industry on the UN Guiding Guiding UN on the industry extractive on Security and Human Rights (VPs), Rights and Human and on Security norms and international regulations. international and norms account into taken frequently are mining and standards. also but protection to ensure available instruments legal only not therefore are medicinal plants. Their land is also often often also is land Their plants. medicinal for Multinational Enterprises, the the Enterprises, Multinational for for diamonds and the International International the and diamonds for soft law or internationally agreed norms norms agreed or internationally law soft There communities. and environment Principles on Business and Human Rights, Rights, Human and on Business Principles Indigenous Peoples´ Rights: clients. with or engaging selecting when initiatives such as the OECD Guidelines Guidelines OECD the as such initiatives initiatives such as the Kimberley Process Process Kimberley the as such initiatives Cyanide Management Code regarding gold gold regarding Code Management Cyanide implications for the surrounding surrounding the for implications have wide reaching negative negative reaching wide have can industry extractive he 14 There are additional mechanisms which which mechanisms additional are There indigenous that means FPIC to right The of Rights on the Declaration UN The strong FPIC instruments. FPIC strong peoples have the right to adequate adequate to right the have peoples and Colombia Peru, like countries project, disproportionately suffered have peoples allow all communities impacted by by impacted communities all allow member by on ratification dependent are UN. the as affected non-indigenous communities. communities. non-indigenous affected them to protect their land and resources. resources. and land their protect to them have to considered all are Philippines the rights law, which then also includes includes also then law, which rights Informed Consent. These conventions conventions These Consent. Informed right the include all Diversity Biological International Labour Organisation’s (UNDRIP), Peoples the Indigenous consent, the self-determination of self-determination the consent, World the to According countries. such levels at various recognised been has cultural and spiritual to linked closely consent however) as a part of human of human apart as however) consent (not participation public endorsed has Committee UN the example for consulted, of commencement of operations. It must of operations. of commencement and Prior Free, to peoples of indigenous Indigenous peoples. on indigenous question and there would be no means for for means no be would there and question element consent. Without is decisive impacts drastic often with environment development the right to be informed and and informed be to right the development from natural resource extraction and this this and extraction resource natural from natural the or disturb resettlement forced for Economic, Social and Cultural Rights Rights Cultural and Social Economic, for Resources Institute Landmark mapping mapping Landmark Institute Resources (ILO 169),Peoples on Convention The and indigenous peoples would be put into put into be would peoples indigenous The details. specific relevant all include advance in well provided information, in result can projects infrastructure other and mining extraction, Oil identity. Convention on Indigenous and Tribal Tribal and on Indigenous Convention be free of manipulation and coercion and and coercion and of manipulation free be

“While they only make up less than five percent percent five than less up make only they “While The ILO Conventions are the most critical critical most the are Conventions ILO The 15 percent of the poorest people around the the around people poorest the of 15 percent some of the myriad of daily violations in in violations of daily myriad of the some principles on minimum age, equal equal age, on minimum principles among the first victims when human rights rights human when victims first the among situations worsen”.situations and child labour. The OECD Guidelines Guidelines OECD The labour. child and including conventions core eight are a widespread occurrence throughout the the throughout occurrence a widespread to international law, the International International law, the international to of forced abolition the and remuneration rights, some of these are grounded in in grounded are of these some rights, labour, inadequate compensation and and compensation inadequate labour, High Representative of the EU EU of the Representative High contain clauses on labour. With regards regards With on labour. clauses contain to helps which organisation, collective Federica Mogherini, Mogherini, Federica of the instruments to protect labour labour protect to instruments of the of poverty, high-levels and opportunities extractive industry. Child labour, forced forced labour, Child industry. extractive non-binding recommendations. There There non-binding recommendations. to and unions form to right the is mining violations. these but endure to choice no employment poor to due Often mines. for Multinational Enterprises also also Enterprises Multinational for for Foreign Affairs and Security Policy Security and Affairs Foreign for of the for world‘s account they population, workers’ rights. have they feel areas many in workers world. Indigenous peoples are also often often also are peoples Indigenous world. improve working conditions and defend defend and conditions working improve international treaties making them just are protection safety inadequate Unfortunately, labour violations are still still are violations labour Unfortunately, Labour Rights: Rights: Labour Of particular importance in relation to to relation in importance particular Of Cultural Rights also refers to labour labour to refers also Rights Cultural and Social on Economic, Covenant binding by the ratified states. Others are are Others states. ratified the by binding

19

International Norms and Standards and their relevance toextractives relevance their and Standards and Norms International The International Cyanide Management Management Cyanide International The environment between link The The International Covenant on Civil on Civil Covenant International The Wetlands, the UNESCO Convention on Convention UNESCO the Wetlands,

11 (adequate standard of living), Art. 10 Art. of living), (adequate11 standard such as the Ramsar Convention on Convention Ramsar the as such communal to access and quality soil security) and Art. 12 (right to health). to (right 12 Art. and security) protection is a significant concern and and concern asignificant is protection also relevant. also and on Mercury Convention Minamata aconcern increasingly are tailings Mine ignore, to hard is communities and 9(social Art. family), of the (protection as tailings pollution. Specific conventions conventions Specific pollution. tailings as associated with the storage of often of often storage the with associated the recognises also Rights Political and the oceans - for mining this relates to to relates this mining -for oceans the their in environment ahealthy to the Covenant, CESCR. In relation to the the to relation In CESCR. Covenant, the of 12 and 11 Arts. by protected is this of risk potential the and waste toxic rights, including Art. 7(a) Art. Fair Just for and including rights, lands. Many states incorporate a right aright incorporate states Many lands. Biological Diversity aims at protecting at protecting aims Diversity Biological Natural Heritage, and the Rio Declaration Declaration Rio the and Heritage, Natural link. this recognising constitutions, to ability and livelihoods communities’ catastrophic tailings dam failure. Water failure. dam tailings catastrophic on Environment and Development are are Development and on Environment existing seabed mining, proposed deepsea deepsea proposed mining, seabed existing mining, and ongoing oil extraction as well well as extraction oil ongoing and mining, farm or fish are all too often interlinked interlinked often too all are or fish farm freedom of association in Art. 22. Art. in of association freedom Protection of the World Cultural and and World of the Cultural Protection Payment, which is closely linked to Art. Art. to linked closely is which Payment, with land rights, water protection, protection, water rights, land with important. The UN Convention on Convention UN The important. use of toxic chemicals in mining the UN UN the mining in chemicals of toxic use risks environmental the to relation in Environmental Protection: Protection: Environmental Code for the gold mining industry are are industry mining gold the for Code biodiversity not just on land but also but also on land not just biodiversity

The Voluntary Principles on Security on Security Principles Voluntary The Africa in 2012 when 38 mine workers were were workers mine 38 2012 when in Africa safety as well as the right to peaceful peaceful to right the as well as safety Covenant International the as such probably the Marikana Massacre in South South in Massacre Marikana the probably protesters, or killing harming forces police There personnel. security mine private assembly. on Covenant International the and communities. and staff their protect and for abasis provide Rights Human and of the value The occurrence. not arare are the Voluntary Principles would apply would Principles Voluntary the is example recent well-known most the or government security of mine past the by usually secured, are they ensure to companies drive extracted being resources However, these are just guidelines and and guidelines just are these However, companies that are signatories to these these to signatories are that companies their align and to commit to companies in examples serious extremely been have forces security mining and communities on Economic, Social and Cultural Rights Rights Cultural and Social on Economic, Conventions Gold. Barrick by owned principles rights human with operations mining site of Lonmin. site of Lonmin. mining killed and 78 injured at the platinum platinum at the 78 injured and killed Principles are not legally bound to to bound not legally are Principles in relation to the North Mara mine, mine, Mara North the to relation in publication 19 page of this in shown is which to example An them. implement Unfortunately clashes between between clashes Unfortunately Civil and Political Rights also apply to also Rights Political and Civil Safety and Security: Security: and Safety

“Where business enterprises identify identify enterprises business “Where + These organisations and groups however, however, groups and organisations These The Right to Remedy is enshrined in in enshrined is Remedy to Right The

Access to Remedy and right to remedy: to remedy: right and to Remedy Access struggle to access remedy. access to struggle are only as strong as their enforcement of enforcement their as strong as only are of one which pillars, of three formed are and international legal instruments, instruments, legal international and provide should they impacts, adverse reporting by companies. companies. by reporting on self- rely only often and principles the that companies can join such as the the as such join can companies that agreements voluntary also are there to or contributed caused have they that state: Principles Guiding UN remedy. The to access have victims ensuring in play to report support their findings, that in cases cases in that findings, their support report shown, has OHCHR the by research processes”. Extensive legitimate through ICMM and the Voluntary Principles, Principles, Voluntary the and ICMM In addition to these norms and standards standards and norms these to addition In company commits to ethical principles. principles. ethical to commits company of these membership companies’ check however, and many of the cases in this this in cases of the many and however, organisations to evaluate whether the the whether evaluate to organisations on Civil and Political Rights, noting that that noting Rights, Political and on Civil every individual has the right to remedy remedy to right the has individual every mentioned above. Indeed, banks often often banks Indeed, above. mentioned governments and companies have roles roles have companies and governments Principles Guiding UN The them. granted rights fundamental the violating acts for for or cooperate in their remediation remediation their in orfor cooperate Rights and the International Covenant Covenant International the and Rights where business enterprises are involved involved are enterprises business where importance of this and stressing that both both that stressing and of this importance critical the illustrating remedy, thus is in human rights abuses, victims often often victims abuses, rights human in both the Universal Declaration of Human of Human Declaration Universal the both 15

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Profiles Company ©2011 Sean Hawkey, all rights reserved rights all Hawkey, Sean ©2011 cyanide-leached. is gold The has and open-pit underground mining operations for gold. mine Marlin The mine. Marlin the at pit main the of A view 16

€ Million): (in banks top by bonds and shares of Management (€ Million) underwritings bond and loans all bank— by provision Capital (€ Million) underwritings bond and loans — all year by provision Capital Facing Finance Category Commitments Voluntary Company ranking on CHRB Potential Violations Norm Significant concerns regarding allegations Finance Facing to Responded Company Deutsche Bank 567 1.000 1.200 1.400 1.600 1.000 1.200 1.400 1.600 200 400 600 800 200 400 600 800 0 0 Barclays 2010 201220132014201520162017 Paribas BNP

Agricole Crédit

Suisse Credit 62 UBS 418 HSBC

UBS Bank DZ 48 Undermined: Bad all-rounders EITI ICMM, Rights, Human and Security on Principles Voluntary Compact, Global UN damage (OK) environmental 40–49% Inflicting people. indigenous of rights the respect to and expression of freedom remedy, to effective right the includes: This ICCPR. of Sea, Law on the the UN Convention mineworkers. sick compensate to Failure mining. deep-sea controversial in Involvement safety. dam Tailings members. community of intimidation Brazil: No

Suisse Credit

Dotted line line * Dotted Paribas 13 BNP HSBC 26 Anglo American. violations by published first Finance Facing when indicates Credit Suisse UBS HSBC Crédit Agricole BNP Paribas Barclays 2017 2016 2015 2014 2013 2012 2010

A compared to its peers in the Corporate Human Rights Benchmark Rights Human Corporate the in peers toits compared tool. engagement SEAT its as well as rights human and environment company the addition, on developing has on focused policies In Facing Finance. with past the in engaged has and ICMM the tive oceans”). tive produc and healthy achieve (“to Sea the of Law the on Convention UN the violating project its despite project the with forward impacts. social and environmental around toconcerns due Guinea, New Papua in communities from opposition toface continues project 4. This Profits on in Dirty we which reported 1 project, Solwara the in involvement its through mining, sea deep of venture new risky workers. former 100,000 as many as it affects and is not finalised, still to a progress decade nearly taken has litigation This workers. mine former tocompensate USD million 101 aside 2017 August in setting American Anglo company, with TB. and silicosis with suffering mine workers by former forward a brought case settled 2016 in American Anglo which in Africa, South in lawsuit action areas. communal and tohouses damage and pollution air of impacts the land, and towater toaccess relation in adecade, least at of mining for the fromimpacts it around have suffered communities the that shown have mine this on Studies mine. Mogalakwena Progress on previously cases reported Justice: for Digging American as “Undermined: Bad all-rounder”. Anglo of acategorisation in resulted has toFacing Finance, response of lack totheir addition in American´s This, Brazil. in mine Rio Minas Anglo at obvious becomes risk at defenders environmental putting including communities of consent the without mining forward to push effort as well as concerted the cases, on previous action of lack The action. strong into converted been policies the have nor substantial boom time with record profits and dividends. and profits record with time boom substantial a through going currently is American Anglo project). the in holder share equal an Billiton, BHP under covered is mine this on (more 2001 since communities of resettlement the around concerns faced has which Colombia, in mine coal Cerrejón the in shareholders three of one is American Anglo Brazil. and Peru Colombia, Africa, South Anglo American has committed to the UN Global Compact and and Compact Global UN tothe committed has American Anglo Anglo American has faced criticism in relation to its stake in the the in stake toits relation in criticism faced has American Anglo the runs American´s Amplats Anglo Africa, subsidiary South In 26 21 However, the policies are not sufficient to score well when toscorewell when However,are not sufficient policies the Profits report. Issues of concern have included cases in Chile, cases haveof included concern Issues report. Profits in Dirty beginning 2012 thefirst with report, Profits Dirty the of editions previous three in covered been has American nglo In addition previous Dirty Profits reports covered the class theclass covered reports Profits Dirty previous In addition 24 The operating company Nautilus continues to move tomove continues Nautilus company operating The 25

22 A further case is pending against the the against pending is case Afurther American American 23

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FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 through rare Atlanticthrough rare forest. running line atransmission via mine tothe provided is Energy Brazil. Janeiro, de Rio and Gerais Minas of states the crossing ecosystems, important two of borders the on mine pit open long km a12 is ect have reportedly occurred in the past the in occurred reportedly have pollution environmental of incidents as members, tocommunity concern particular mental impact assessments. communities environ required with the providing without projects forward pushed has American Anglo that concerns including members, community divisions between in resulted and opposition community threat. under nities commu or to compensate relocate offered not has company However, the break. dam atailings of consequences the of fearful are dam tailings the below living communities Naturally incident. an of event the in them toreach time have not would authorities as zone emergency “self-rescue” defined a in tobe considered are dam the below communities 2015). in Some devastation immeasurable of cause (the dam tailings Samarço the of that than larger times seven already is which dam, tailings the of height the increasing includes Rio Minas of expansion The communities. for anxiety of asource is particular in dam tailings the and awhole as mine the of expansion envisaged vulnerability. environmental high of area an through runs also which pipeline km a525 by Port Açu tothe connected community members and deadly tailings storage. to Threats Death Brazil: project, Port Açu and mine ore Iron Rio Minas American’s Anglo Expansion of the mine has also reignited reignited also has mine the of Expansion Anglo American’s Minas Rio iron ore proj ore iron Rio Minas American’s Anglo 18 30

28 31 The mine is is mine The This is of of is This 29 The The 32 and and - - - who signed the injunction began to be tobe began injunction the signed who representatives community hearing, public of the thesuspension After communities. for notice enough given or required studies environmental the provided not had it as injunction, toaCourt due hearing public spring. the of pollution tothe due trucks water on reliant now are basin). Communities Doce Rio the of (part River Antonia Santo the and water municipal supplying spring the into pulp ore an dumped and broke pipeline 2018 the March in when validated, been have members byConcerns community Rights. Human and Security on Principles Voluntary the and Rights Human and Business on Principles Guiding the of violation sensitive environmental areas environmental sensitive very in located are port and mine the the site, the at demonstrations mine peaceful around concern militarisation about expressed has in Brazil office Public Prosecutors Federal the Rights, Human and Security on Principles Voluntary tothe signatory being company the Despite mine. to the opposition in tothose intimidating is which police armed of presence the in held been ICCPR the of 19, 25 Art. in enshrined Information to Right communities the violate potentially concerns, tailings the with together Anglo American had to suspend a recent arecent tosuspend had American Anglo 34 . Environmental hearings have also also have hearings . Environmental 35 which would be in in be would which 36 33 . This, . This, “Public to meetings deal with Anglo marked by the presence of heavily heavily of presence the by marked armed police and other forms of forms other and police armed American activities have been been have activities American company’s Minas-Rio Project41 from Brazil affected by the the State Prosecutors Office in thisregard. Office State the Prosecutors A was complaint at filed criminal threats. death including threatened, physically Rights of the Child (CRC). Child the of Rights the on Convention the (CEDAW) and Women licences. appropriate the with operating are they and area the in tion any water consump other not affect does extraction water their that claims American Anglo etc. agriculture for example for ties, communi for availability the reduced has ore the of transportation the in freshwater of use up. Heavy drying toaquifers due days for water water are and leftwithout some on pumped dependent leftsix communities another 15 years. 15 another least at for region the in operating continue to company the allow will which operation the of expansion the for licenses expected Roderigo Peret, In addition, water use at the mine has has mine the at use water addition, In Anglo American has now received the the received now has American Anglo pressure.” → → Facing Finance with information provided by Churches Churches by provided information with Finance Facing and Mining Network via London Mining Network. Mining London via Network Mining and

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2016 ING Paribas BNP 27 Dotted line line * Dotted Barrick Gold. Barrick violations by published first Finance Facing when indicates

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B International Covenant on Civil and Political Rights (which includes includes (which Rights Political and Civil on Covenant International to, the limited not but including instruments, rights human claims. tothese commitment of alack indicates spill second however, the safeguards, and controls strengthen would it claimed Barrick at spill mine. the At of spill time the occurred first the cyanide dollar Infine. 2016,US$9.3-million onlyone year later, asecond theand companywas a given rivers five spill contaminated The Argentina. in Mine Veladero the 2015 at September in cyanide toxic of litres amillion than more spilled Gold Shandong and Barrick 47 violations. environmental serious tothe due side, Chilean the on mine Lama Pascua the of closure the ordered regulators Chilean 2018 the early In damage. environmental toserious 2013 due since suspended been has which mine, the todevelop Shandong pending still is another and to settle. topay $140 had million company the and resolved was mine, Lama Pascua the at regulations environmental with tocomply failure company’sto the about withholding information shareholders from performer”. poor extremely pits: “The as Gold Barrick of categorisation the in resulted company. has This the tocontact attempts repeated despite Facing Finance with engaged Facing Finance first reported in 2012. reported Facing first Finance since performance environmental or rights human its on improved not has Barrick Initiative, Transparency Industries Extractive the and ICMM, the Rights, Human and Security on Principles Voluntary operations. its and mine the with frustrations deep still are there and adequate been not still has land for compensation community mines, three last tothe Tanzania. in relation Mara In North and Bulyanhulu, Buzwagi, at as well as Guinea New Papua in Porgera Republic, nican Domi the in (Chile), Viejo Lama Pueblo Pascua including reports previous our in these of some covered have we operations, global its 1). Appendix (see AP7 and KLP PGB, including investors, numerous by excluded been has company Progress on previously cases reported Justice: for Digging Barrick Gold’s global operations have potentially violated core core violated potentially have operations global Gold’s Barrick reports, Profits in covered Dirty the In a not previously new case, related Barrick, against lawsuits shareholder 2016In the of one Despite being a signatory to the UN Global Compact, the the Compact, Global UN tothe asignatory being Despite poor commitment to human rights and environment the the environment and rights tohuman commitment poor in edition 2012.Due to continued its first the with starting reports, Profits Dirty in three included has Gold been arrick 48 45 This is not the only shareholder lawsuit in relation to this tothis relation in lawsuit shareholder only the not is This 43 46 . Barrick formed a partnership with with apartnership formed . Barrick 42 Violations have occurred at many of of many at occurred have Violations Barrick 44 Barrick Gold has not not has Gold Barrick Gold

19 ­

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 © Catherine Coumans, MiningWatch© Canada Catherine 2017 Mine Gold Mara North Barrick’s of shadow the in Villagers ▲ Multinational Enterprises. Multinational Principle 3) Principle 3), Principle in detailed as caution and restraint with act should security private that (including Rights Human and Security on Principles Voluntary the example for party, is it which to agreements voluntary the of violation apparent in also is Gold Barrick mines. its environment for communities surrounding aclean and towater right the as such standards, and conventions environmental violated has Gold Barrick that show Women. Against of Discrimination Elimination Discrimination Racial of Forms all of Elimination the on tion Conven International the rights, Cultural and Social Economic, on Covenant tional Interna the toremedy), right 2the Art. in 20 50 The evidence also appears to appears also evidence The 52 51 , and the OECD Guidelines for for Guidelines OECD the , and the ICCM (in particular particular (in ICCM the 49 and the Convention of the the of Convention the and

- - security forces in yearly visits to the site site to the visits yearly in forces security public and mine’s private the by force of use excess of witnesses and victims, of members family victims, to ahundred close remedy. judicialprohibiting seeking from them waivers legal company, sign and the from remedy anon-equitable accept suit, their Day’s clients Leigh to persuade mechanism, which parent it used remedy non-trans and hoc ad an created company the 2013, in underway got security mine by force of use excess of claimants of behalf Day on Leigh UK-based by alawsuit As and death at Barrick’s mines. Barrick’s at death and assault, sexual forces, security violent Guinea: New Papua to Africa From have experienced rape and gang rape. gang and rape experienced have women and maiming and death in resulting shot, are men primarily beaten, severely are dumps. mine’s waste the on primarily, aliving, out toeke seek who women and men Kuria indigenous local against forces security private and public by violence by plagued tobe continues Mining. Acacia ty-owned, majori Gold Barrick the of subsidiary African the by Tanzania,of operated is region Mara the of Tarime the in district located mine, gold pit open and ground MiningWatch Canada has interviewed interviewed has Canada MiningWatch The North Mara Gold Mine Ltd. under Ltd. Mine Gold Mara North The 54 53 Men and women women and Men This mine mine This 56 to drop todrop - 55

-

- company says it is now revising its remedy remedy its revising now is it says company basis. aclear without rejected claims their had have settled was suit Day Leigh the since mine the with claims launched who MiningWatch by interviewed assault. by their dependents their and tothem caused harm ongoing the for compensate not does received they remedy the that and received they what and orally promised were they what between adiscrepancy report mine’s grievance mechanism commonly security. by mine dead shot was man Kuria local another reported 2017, In security. mine Canada MiningWatch private and villagers between altercations from resulting injuries and deaths on report not did report 2016 the and government higher much numbers the put defenders mine security. mine for responsible police by injured 270 people and killed been have people 65 that claims had receiving investigators that confirmed 2016 in report and investigation an in again and reported on it in a2013 in report it on reported and violence the investigated has government Tanzanian The ongoing. is violence the that indicate interviews 2014.since These Victims that accepted remedy from the the from remedy accepted that Victims 58 60 Local human rights rights human Local Most of the victims victims the of Most 59

61 While the the While 57 and and response to a letter from MiningWatch, from toaletter response in information further some provided 15, July on statement abrief in casualties resulting and release the edged panning acknowl for gold. Barrick Although were they where area an into dumped waste by burned been had people hundred a than more that Canada MiningWatch to 2017, of July In tion. reported villagers continuous contamina chemical from risk at livelihood of means this in participate who children and women themen, Thisputs flows. waste mine’s polluted the in gold for panning on relies largely water, community the and food tobuy have now unhealthy conditions. they As and overcrowded in living Ipilivillagers leftindigenous have dumps waste massive the and facilities, processing and mine’s infrastructure the pit, open tothe due PJV the at mine. practices disposal waste unacceptable this over Barrick from Fund divested Pension Norwegian the 2009 In security. food and farming subsistence for land of lack problem longstanding and dire already an exacerbating and risk at people and structures village putting valleys mountain steep the in land away adjacent erode to continues waste of disposal uncontained This systems. river local into directly cyanide including milling chemicals, as well as zinc, copper, lead, cadmium, arsenic, mercury, containing tailings, and rock waste its todump continues Barrick Guinea, New Papua Porgera, in mine, facilities. processing tothe ore transports that road main the along dust excess by caused harm and rivers, nearby of contamination ed mine-relat regarding concerns ongoing and after the mine removed security walls, security themineafter removed pit amined-out in drownings of aresult as 2016 in 2017 deaths and four documented also has Canada MiningWatch security, mine by force of use toexcess related mine’s security. the by violence of victims of behalf on prepared being is suit anew as even place taking is revision This opaque. remains process this mechanism, Loss of land and sources of clean water water clean of sources and land of Loss (PJV) Venture Joint gold Porgera the At In addition to human rights concerns concerns rights tohuman addition In 64 68

69 62 and and harmed by the company’s actions and fair. We did not get everything that that everything get not Wefair. did The companyThe ignored us for years. When the company finally created created finally company the When went to it. But the remedy was not not was remedy the But it. to went a remedy program, we 119 women 119 we women program, a remedy support of the UN because Barrick Barrick because UN the of support we were promised. We call for the the for We call promised. were we “The company’s guards raped us. us. raped guards company’s “The Gold is ignoring our call to pay us us pay to call our ignoring is Gold 66 65 Everlyn Gaupe, one of the women

63 70

67

it it of of - equal compensation.” - - now seeking justice. of Kewanja, inside the mine lease area, were were area, lease mine the inside Kewanja, of 2017, village March the in houses numerous members community local against violence ongoing the and security mine by assault violent mine security. mine by raped was she when ateenager herself 2017, in AGM Barrick’s at Mandi Joycelyn by represented were They mechanism. the in toparticipate unprepared or unaware were security mine by rape allege who women other Many received. had they remedy the and endured had they process the both critiquing Rights Human and Business complaint a filed for waivers, legal signing return in program, this through remedy received had who 2016, women 119 all November In security. private by assault sexual of victims for accessible only program, flawed a severely implemented gang raped. and raped girls and women and killed, and at shot men beaten, severely being women and men of history along is There forces. security private and mine’s public the by toattack vulnerable also are aliving out eke injuries. the for compensation provide will company long-term treatment and whether the need will people many how unclear still is mine such as PJV. as such mine a of closure for precedents no are there as particularly standards, international per as waste their contain that mines of case the in than more times many as anticipated be must expense the but closure, with associated costs projected or plan closure has not public made a Barrick risk. financial Villagers who enter the waste flows to waste who the enter Villagers 75 73 78 poses a legal risk for Barrick. In In Barrick. for risk alegal poses 71 with the UN Working Group on on Group Working UN the with After years of denial, Barrick Barrick denial, of years After 74 These neglected victims of of victims neglected These homeless. families leaving forces security mine’s public the by down burnt again once This poses a significant a significant This poses more or years hundred a for impact deleterious a tomaintain anticipated kilometres of hundreds of footprint downstream a has environment the into disposal waste The mine’s ongoing mine’s ongoing The 76 → → MiningWatch Canada 72 remedy remedy 77 .

21

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 BHP Management of shares and bonds by top banks (in € Million): (in banks top by bonds and shares of Management (€ Million) underwritings bond and loans all bank— by provision Capital (€ Million) underwritings bond and loans — all year by provision Capital HSBC 108 Deutsche Bank 260 UBS 412 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 1.000 2.000 3.000 4.000 5.000 6.000 7.000 500 0 0 Barclays 2010 201120122013201420152016 22 UBS Paribas BNP Facing Finance Category Commitments Voluntary Company ranking on CHRB Potential Violations Norm Significant concern Company to Responded allegations

DZ Bank 103 Agricole Crédit

ING Credit Suisse 171 HSBC Deutsche Agricole Crédit 62 Bank

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Deutsche Bank HSBC ING Crédit Agricole BNP Paribas UBS Barclays 2016 2015 2014 2013 2012 2011 2010

“Miner” Threat: Poor in Practice in Poor Threat: “Miner” ICMM EITI, Rights, Human and Security on Principles Voluntary Compact, Global UN (Good) 60–69% 1 Principle UNGC UNFCC. the and Consent) Informed and Prior Free, (includes: Peoples Indigenous of Rights the on Declaration UN ILO, a stake. holds BHP where projects in issues environmental and Social responded) Cerréjon and Yes (BHP B er” Threat: Poor in Practice”. in Poor Threat: er” tures ven joint non-operated its for processes governance improve to started recently only has BHP but organisation, the throughout Progress on previously cases reported Justice: for Digging its host communities. host its regarding tosustainability approach policy a strong with policies, rights human its improved has 2012 BHP Since Rights. Human and Security on Principles Voluntary the and Compact Global UN the 1. Principle Compact Global UN the of violation in as seen be can and impacts environmental tures). ven joint non-operated (so-called companies other with tion coopera in Vale x), page undertaken (see are Samarço and Cerrejón Mad Dog Mad the in investment increased of form the in drilling sea deep with ues contin company The drilling. oil deep-sea and tofracking relation in and sold) been now have (which Mozambique in smelters BHP from Punta Negra. Punta from extraction water halting by issues 2017,July these resolving begun in Negra”, has, Punta de BHP Salar del Defensa en “Agrupación the use towater relation in NGOs from opposition faced operator, and owner controlling the is BHP which as insufficient regulators by Brazilian rejected Total by been having assessment impact environmental latest the 84 reefs coral and mangroves of ecosystem sensitive extremely society civil by opposition substantial Total, and BP faced have including here, exploring Companies Basin. Amazonas Foz de the in drilling sea 2013 in blocks oil two purchased has BHP BHP is a founding member of the ICMM and a participant of both both of aparticipant and ICMM the of member afounding is BHP The Escondida Copper mine in Chile’s Atacama Desert Chile’s in Atacama mine Copper Escondida The 92 89 copper and uranium, headquartered in Australia. in headquartered uranium, and copper ore, iron coal, gas, oil, of producer commodities aglobal is HP Profits 1 in 2012 Facing Finance reported on problems around around 1on problems in Profits 2012 Financereported Facing . This has resulted in an overall categorisation of BHP as “Min as BHP of categorisation overall an in resulted has . This

90 80 The dam tailings breach at Samarco has had substantial substantial had has Samarco at breach tailings dam The oil platform as well as in the Gulf of Mexico. of Gulf the in as well as platform oil 83 due to the risk from potential oil spills for the the for spills oil potential from risk tothe due 88 Some of BHPs mining projects, such as as such projects, mining BHPs of Some 91 The policy embeds human rights concerns concerns rights human embeds policy The 87 . After years of complaints by . of years After complaints 82 and is exploring deep deep exploring is and 85 . 81 Additionally Additionally 79 86 In Dirty Dirty In , for , for - - , with , with - - - communities indigenous Wayuu and afro-descendent Guajira. La of region dry the in rates extraction high-water mine’s the and resettlements forced around problems the 2014and highlighted in 2013 reports Profits Dirty operation. of decades three its in violations rights human and environmental substantial outright. it owned companies these 2002 by Guajira, of region Colombia, La northernmost the in Limited Cerrejón del Carbones company the by operated is complex transport and mining coal integrated the (33%), American Anglo (33%) and BHP (33%), Glencore between venture A joint Venezuela. with border tothe close Guajira, La of department the of southeast the in located is mine coal largest America’s Coal Mine, Colombia: A decades long by struggle communities and indigenous peoples. infrastructure of the town. the of infrastructure the to rebuild municipality the and to pay compensation ordered was Cerrejón violation of community’s the rights. in tobe Colombia of Court Supreme the by found was Tabaco residents resettled. been have Casitas, Las recently most and Tamaquito Patilla, Chancleta, Roche, Tabaco, of communities the 2001, Since mine. coal largest America’s Latin by tion) reloca (forced resettlements involuntary The La Guajira region is home to home is region Guajira La The Latin is mine coal Cerrejón The 93 95 The Cerrejón coal mine has had had has mine coal Cerrejón The The 2001 eviction of 1,200 1,200 of eviction 2001 The 94 , which have been victims of of victims been have , which 96 Sixteen years years Sixteen

- life. way of traditional their practice or herbs, medicinal their collect cattle, to graze land communal lack which areas agricultural small with locations semi-urban to land communal of areas large with locations village rural from moved been have communities the all Tamaquito communities, II dialogue. Bank World and IFC the of guidelines the with line in conducted been have resettlements developed. been has ture infrastruc or buildings no as established, been has settlement permanent no bought, been has land the and compensation some received have later, Tabaco while residents alternatives. of toalack due conditions these to accept forced felt residents process, consultation the Throughout families. their sustain to aare leftwithout livelihood members community the of many consequence, farming. and cattle for enough large land arable for process participation the during requests continued despite actions have been taken against Cerrejón Cerrejón against taken been have actions legal Several areas. resettled their in towater access reduced of issue the raised According to Cerrejón, since 2008 all all 2008 since toCerrejón, According 100 98 This has occurred occurred has This including participation and and participation including 99 With the exception of the 102 Communities have also also have Communities 97

101 everything. .. Our rights are ignored, ignored, are rights Our .. everything. As a As where those who work there have have there work who those where Luz Angela Uriana Epiayú, artist and but we cannot forget that arrived poverty beside such a rich mine, mine, arich such beside poverty “We should not have to live in live to have not should “We - human rights activist125 A citizen of Provincial, after we arrived.” we after © Angelica Ortiz Ortiz © Angelica , Colombia. Guajira La Patilla, in Barbosa de Díaz Eneida of farm the destroyed (ESMAD) squadron police 2017, anti-riot 28, the September On ▲ for defending their territories. their defending for killed been have members community two and threats faced have Cerrejón against up speaking members community four least at that reported 2018 been has it 108 missing. now are livelihood toher essential are that animals her of several and police, riot Colombian the by destroyed was farm The notice. prior without Cerrejón, from rented previously had she which farm her from evicted was ty resettlement have now been resettled. been now have resettlement for eligible those all documents, Cerrejón provide for their livelihoods. their for provide would relocation that mistrust deep the toleave reluctant were resettled, tobe community recent most the Casitas, tofood. right and towater right their impacting for responsible directly communities holding Cerrejón by resettled The resettlement of communities has has communities of resettlement The Members of the community of Las Las of community the of Members

from the Patilla communi Patilla the from 2017,September avillager Colombian police. by evicted forcibly tobe only home, returned village Roche from families the of one ments, complied with agree not had Cerrejón that claims and settlement new with the of dissatisfaction 2016, early two years after As recently as January January as recently As 105 109 According to According 103 104 23 107 , given , given - In In 106 In In -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 this river basin, river this preserving on working and River Rancheria the from water its of 7% extracting toaddress. fails Cerrejón which mine, the of vicinity immediate the in communities remaining last the of one Provincial, of community indigenous the in living children for problems respiratory airThe serious pollution has caused mine. the from blasting as well as dust, coal dangerous and excessive from issues health resettled, been have that communities with ties social and economic of loss the with contend must area mine the outside communities wider but painful, proved Guajira region. La the in scarcity water worsened have ties, Industrial including activities, coal activi stress. water high already of area an in issues water aggravated have operations mine’s the communities, indigenous several of displacement the regarding consent Informed and Prior Free, of lack lower stretches is oftendry. lower stretches eight years. eight past the over drought tosevere due died after 4,700La Guajira, allegedly children of Wayuu people for towater access ensure to government the required Rights Human on Commission Inter-American the 2015, requested prior consultation prior requested have and water this on dependent critically of the Rancheria river. Rancheria the of atributary Bruno, Arroya the of 3km least at nities wateris to available all sufficient commu that and toresettlement approach tory aparticipa in involved were residents that note they addition, In mine. the of impacts negative the from residents toprotect cases these in necessary been has but resort alast as used is resettlement involuntary that notes Cerrejón issues. to these relation in Limited Cerrejón del Carbones river. the of diversion the tohalt company the ordered livelihoods. their tosupport inability an and damage ecological in result will river the of diversion any that convinced are communities the region, the in scarcity water serious works, the by impacted community only the with consultation was sufficient there claimed In addition to the concerns about the the about concerns tothe addition In Further, Cerrejón has recently diverted diverted recently has Cerrejón Further, Facing Finance received a response from from aresponse received Facing Finance 120 116 24 . at least five communities are are at five communities least 119 114 118

A recent court decision has has decision court Arecent 111 112 While Cerrejón reports reports Cerrejón While the river basin in the the in basin river the 115 While Cerrejón Cerrejón While 110

113 117 In December December In . Given the the . Given - ­ - appendix). (see tragedy Samarco the in role its to relation in BHP excluded has AP4, fund, Pension Swedish company. The responsible a as image self-created BHP’s with fere inter failure) dam tailings tothe relation ( in Mineração Samarco and mine coal Cerrejón both of ventures joint non-operated the at violations rights human the in involvement People. Indigenous of Rights the on Declaration UN the under Consent Informed and Prior Free, as qualifying of standard tothe been not arguably therefore have out carried were that consultations The issues. of logistical negotiation outside for options little provided Guajira La in occurred that participation the contrast, replacement forms of livelihood. of forms replacement appropriate culturally or resources tonatural access continued have should people indigenous that include instance for standards the as met, not were standards these even that argued be can it Secondly, violations. rights to human communities expose may still and Peoples” Indigenous of Rights on Declaration “UN the or Rights Human and Business on Principles Guiding UN the of those as stringent as not are dards stan these that torecognise important is it Firstly, Standards. Performance IFC tothe conforms it that tonote pains at been has Cerrejón violations. possible toinvestigate appear not does government Colombian player, amajor the as while industry extractives the leaving state, the of absence an by marked been have Colombia rural in developments mining Additionally, the affected indigenous communities. indigenous affected the of disagreement the tooverrule able being maker, as out finalstate decision the thus sets still Convention However, the projects. extractive implementing before inhabitants native with toconsult governments consultation and consent toland, right people’s tribal protects ILO 169which Convention has ratified Colombiaitself. is one which of countries 22 tolife right the even possibly and ment, water, environ ahealthy tohealth, right their violates potentially also territories their over sovereignty community of loss The to livestock. or raise fish, hunt, people for local difficult made it increasingly The resettlements around Cerrejón have have Cerrejón around resettlements The → → With information provided by London Mining Network 121 and requires requires and 124 BHPs BHPs 123 In In 122 - -

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Barclays DZ Bank 83 HSBC UBS 127 ING UBS The Pits: Extremely poor performer. poor Extremely Pits: The UN Global EITI Compact, (Poor) 20–29% Glo Un Corruption. against Convention UN change. climate on UNFCC food. and livelihoods to water right the and remedy, to effective right to health, right the UNGP, including ICCPR, UDHR of communitiesresettlement in Mozambique. the in violations Potential Nigeria. in corruption and spills oil operations, drilling Arctic No Suisse Suisse Credit 58 Credit

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E Progress on previously cases reported Justice: for Digging affected. be will people 5000 About rights. land and toresources access about communities from concerns brought has this peninsula, Afungi the for planned is (LNG) plant Gas- Natural Liquid onshore 1 in Profits 2012). An in (also covered Dirty Anadarko with together project Gas Natural Mozambican the with ahead moving now is they will not ask for more. for ask not will they that forms signing USD50, as little as received have others sation, compen no receiving allegedly land their from removed been have technical incidents during the last year of operation. of year last the during incidents technical 34 had already Eni has and environment sensitive incredibly an is This Sea. Barents the in including Arctic, the in operations its noticeably competitors, its of most than faster gas and oil for fishing activities. at the fishermen. directed are none projects community implemented Eni has While restrictions. in fishing the andfishing area,continue due toblasting Project and oil block OPL 245. OPL block oil and Project countries. as to wellrelated as Nigeria, five other is specifically a in case court) there (for which issues tocorruption due observation Eni under placed Fund) Pension Government 2016In (Norwegian GPFG the performers”. poor Extremely Pits: “The Eni as of categorisation overall an in resulted has This response. no received but bique, in andMozam Nigeria toin operations relation specifically report, last our since progress environmental and Rights Human company’s against Eni in this regard. this Eni in against brought been have cases legal and commitments climate challenge operations drilling sea deep in increase an with along Arctic, the 131 Alaska. of North Sea Beaufort the in Bay off Prudhoe concessions drilling Arctic further Eni granted has been and practice. policy rights human of terms in peers its against ranked when well perform not (EITI), does it but Initiative Transparency Industries 133 areas and farmland. residential both to villagethethat and used flowfloods through streams natural the block which oil, for todrill order in built company the embankments and roadways elevated tothe due livelihoods and property health, people’s devastating and Guidelines the violating Nigeria State, village,Rivers Aggah in annual theflooding causing been Eni has decades, four over for that alleged is It (EVF). Freedom of In addition to the above cases, Eni is expanding its exploration exploration its expanding Eni is cases, above tothe addition In Eni is a member of the UN Global Compact and the Extractive Extractive the and Compact Global UN the of amember Eni is Eni An OECD by against filed has complaint Egbema Voice been Rovumba basin, Mozambique and its operations in Nigeria. Eni Nigeria. in operations its and Mozambique basin, Rovumba in in the 2012 to 1in exploration gasreport relation Profits Dirty the in company, included gas was and oil Italian the ni, 126 135 Some villagers have received compensation, others others compensation, received have villagers Some The cases involve the Nigeria Liquefied Natural Gas Gas Natural Liquefied involve Nigeria the The cases 134 We sought repeatedly to engage with Eni on the the Eni on with toengage repeatedly We sought 129 128

Anadarko has implemented projects to diversify todiversify projects implemented has Anadarko 132 127

In addition fisherman are unable to fisherman In addition 136 Eni SpA Eni These risky operations in in operations risky These 130 Additionally Additionally 25 -

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FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Nigerian oil production. oil Nigerian of 10% approximately produces venture joint This government. Nigerian the by owned astake includes which venture joint NAOC the Eni operates (NAOC). Company Oil Agip Nigeria the principally subsidiaries, several through Nigeria in operate They day 2016. in per equivalent oil of barrels 117,000 produced company, they the Gas Natural (LNG).According to Liquefied producing as well as Delta Niger the from offshore operations and onshore in Today hydrocarbons Eni produces 1962. Eni, Nigeria: Denying environmental destruction the oil industry. oil the from experienced has community this spill This is by not first the Eni/NAOC. operated 7are community, the in heads 8well the 139 failure. equipment was spill the of cause thatthe found company and officials the the by out carried report inspection joint This spill. single this by polluted been have 17 least at that hectares estimated is many of It on rely community whom fishing. local the of livelihoods the damaging theandcreek, ponds fish trees, polluted have spilled oil of barrels The villages. ty communi the of one of north just and creek alocal from metres 250 place took spill 2010. This April in Eni pipeline an from spill oil an for compensation and cleanup obtain to courts Italian the in proceedings legal launched Nigeria in state Bayelsa of Council Ijaw Southern the in Ikebiri of community mortality. child and newborn in increases with Nigeria in pollution oil the linked also has study Arecent Nigeria. in operations its to linked activities its into investigations criminal ongoing and operations, its at others and employees of death the production, oil its from spills widespread by Eni has been operational in Nigeria since since Nigeria in operational been Eni has Eni are the main oil operator in Ikebiri. Of Of Ikebiri. in operator oil main the Eni are May 2017In of small the of King the marked Today is Nigeria in Eni’s record 26 138 137

- company’s presence in Nigeria. in presence company’s the of lifetime full the over occurred have spills many how known not is It years. 10 last the in occurred have spills 4,500 than more Eni website tothe according and spills to700 to 2017 admits company the 3years the In Nigeria. in Eni operations from oil. up cleaning for method polluting and dangerous inadequate, an is but practice, common is community’s This the without consent. fire to thespill site to amounted setting toclean up thespill company’s the efforts community tothe According polluted. remains area the later However, 7years cleaned. tohave claims company the which spill, the for compensation and clean-up subsidiary, Nigerian Agip Exploration Exploration subsidiary, Nigerian Agip Nigerian Another corruption. of allegations regarding investigation under also are another 3people. another of deaths further 2016, the March in saw deaths of 14 of people. deaths the in resulted apipeline on out carried being were works repair as occurred 2015, July in explosion, One explosions. cant signifi two from operations its at deaths seen also Eni has years recent in community Ikebiri the by brought case weekly. occur still spills New Mexico. of Gulf the in spill oil the during spilled was that Delta Niger the in spilt been have oil of barrels million places on Earth on places polluted most the of one being Delta Niger tothe ed haveoperations contribut Eni’s Nigeria, in operating companies gas The spill in 2010 is just one of many spills spills many of 2010 in one spill just The is sought has 2010Since community the The company and several staff members members staff The company and several In addition to the court court tothe addition In Together with spills from other oil and and oil other from spills Together with 142 , twice the amount amount the , twice 141 144 . Nine . Nine 143

A second explosion explosion Asecond - 140 some of which are medicinal and we and medicinal are which of some swamps and bush too, have all been been all have too, bush and swamps “This fish in our fish ponds, in the the in ponds, fish our in fish “This use in treating ourselves, are also also are ourselves, treating in use killed by crude oil.The vegetables bykilled crude we plant within the community, community, the within plant we a local resident and member of the - affected by crude oil.” crude by affected (CC BY-SA 2.0) BY-SA (CC International Earth the of Tomac/Friends Luka Nigeria Ogoniland, spill, oil community Kegbara-dere ◀ Ikebiri community146 nor remediate its damage. damage. its remediate nor environment the and rights human protect to incidents tothese action sufficient remedy. Eni has nottaken effective an have shall violated are recognized herein as freedoms or rights whose 23(a) To person any that Article ensure in to remedy rights the protects also Rights Political and Civil on Covenant International The processes”. legitimate through […] for provide remediation should they to related specifically of communities rights fundamental the on infringed Eni has earth, on places polluted most the of one delta 2018. January in case the in hearings began Milan in court The courts. Italian tothe case their bringing be community the of King the of person the through now will community The site. the up clean to company the of behalf on willingness a or compensation adequate either togain failed has Ikebiri of community tion charges. corrup international on individuals other Casulaand Roberto Officer Operations and Chief Descalzi Claudio Officer Executive Eni’s Eni, of Chief trial the requested also corruption to commitenforcement with conspiracy law Nigerian by charged been has Limited, Emilia Matthew, By contributing to making the Niger Niger the tomaking contributing By small the attempts several Despite 145

→ → . Italian prosecutors have now now have prosecutors . Italian Friends of the Earth Europe in collaboration collaboration in Europe Earth the of Friends ed to adverse impacts, impacts, toadverse ed have or contribut caused […] enterprises business “Where to remedy, toaccess relation in Rights Human and Business on UNGP the violated ly potential also has actions its through company The UDHR. the in contained as environment natural and towater, food, access

with the Ikebiri community

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149 , but there has also been been also has there , but 150 , expansion plans for for plans , expansion Additionally Additionally PJSC PJSC 152

148 27

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FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 © Petr Shelomovsky / Greenpeace 2016 / Greenpeace Shelomovsky © Petr Khanty reindeer herder. by shown as district, nenets Yamal the in spill Oil ▲ traditional lands by Gazprom operations. landstraditional by Gazprom operations. on spills oil chronic been have there area, autonomous yamal-nenets the in rights. drilling the to protest continue and Gazprom with agreement an tosign refused have companies, oil by sides all on squeezed already herders, reindeer The site. calving reindeer the over directly built tobe intended was which territories indigenous through aroad of construction the began Gazprom exploration, oil in Russian the Federation. mous district autono Khanty-Mansi and Yamalo-Nenets 13 oil inand gas fields the developing is owned), (96% Gazprom of subsidiary Arctic oil spills: indigenous siberian reindeer herders fighting fortheir land. nities. commu consent of the without lands, these on tribal to ‘Otdelnoe’ oilfield the rights drilling gas and oil granted was Gazprom companies. extraction and people native vulnerable between conflict heightened is seeing region This companies. todrilling land losing who arereindeer herders increasingly toindigenous home plain, Siberian west the of zone Arctic the in located is district This Also in the same region, Western Siberia, Siberia, Western region, same the in Also Gazpromneft-Noyabrskneftegaz, a In 2015 Greenpeace reported that that reported 2015 Greenpeace In 154 28 In January 2017 in preparation for 2017 for January In preparation in

155 153 -

- Business and Human Rights also note that that note also Rights Human and Business on Principles Guiding The resources. and lands totheir people indigenous of rights the 26 highlights Article lands. their from removed forcibly be cannot people nous indige and required is Consent Informed and Prior Free, that notes Declaration the 10 of Article people, Indigenous of Rights the on Declaration UN the of violation 93 reindeer. lost have family 2014 one the Since spill, oil wildlife. other and reindeer harming reappears, easily oil and short-lived is which work remedial temporary only undertakes Gazprom region, the in occur liable. held been Gazprom has nor cleaned, fully been not has spill. the clean to unsuccessfully attempted the river. of length entire the contaminating Etyaha river the into spilled oil of 2014, tonnes 300 September In spill. worst however, the not was, this tundra, of 5hectares nearly over 2016 in was oil spill spilling recent most The The above research indicates a potential apotential indicates research above The 158 Where oil spills spills oil Where 156 Gazprom Gazprom 157 To it date century,” Indigenous people can only end of the 19th and start of the 20th 20th the of start and 19th the of end that doesn’t compare to the wealth “It’s classic colonialism, like at the the at like colonialism, “It’s classic Mikhail Kreindlin of Greenpeace in an the oil companies make on these these on make companies oil the negotiate “small compensation interview for the Guardian160 - divested from Gazprom (See Appendix). (See Gazprom from divested have funds several that reason this for be Itthat leftshould bons in is theground. hydrocar of list the on high is gas and oil Arctic of exploitation the Change, Climate on Convention Framework tothe conform to Additionally, risk. toclimate relation in also but areas ecological sensitive the of vicinity immediate to the only not endeavours risky environmentally are […], and impacts rights human adverse to contributing or “Avoid as well causing as stakeholders” relevant other and groups affected potentially with consultation “meaningful ensure should companies territories” tionary approach – these –these approach tionary aprecau adopted have projects Prirazlomnoye the nor II Sakhalin the Neither future generations.” 159 and present of needs mental and environmental develop meet “equitably to 3seeks Principle tion Rio the addition, Declara occur;”. In they when impacts such address → → Facing Finance - -

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- - - sions. emis of majority the capturing been 2014 however, have since they atmosphere, the into released were smelters the from dioxide sulphur of 100% years 60 last mines. of the and impacts by pollution the affected adversely most are women that found by theoperations. affected members community and residents by claims further way for the open fumes”. could This toxic of toinhalation due failure respiratory “acute had politician the that found was tothis. related company the against claims made financial High Zambian Court 2016 in and the politician alocal of death the caused mine the from emissions The improved. not had levels pollution the 2015 in that reports scattered and mine, the around communities and children harming of sulphur pollution additional reports 2014, smelter. were In there associated and mine Mufulira the from pollution to in2014 sulphur relation specifically 2012, in 2013 and Zambia in operations Glencore’s covered reports Profits Dirty The cobalt. and copper producing mines plc Mines Copper Mopani of owner majority violations. safety worker and Toxic fumes Zambia: in Glencore frustrated with Glencore’s operations. frustrated members community local by riots in resulted have which system, upgraded excessive sulphur emissions when restart when emissions sulphur excessive are there that admits itself Glencore 171 NGOs working in the area have also also have area the in working NGOs the been has Glencore 2000, Since operating the Nkana and Mufulira Mufulira and Nkana the operating 175 174 There have been leaks even in the the in even leaks been have There Glencore itself admits that for the the for that admits itself Glencore - 173 172 176 It It

- have not been remedied by Glencore. by remedied been not have pollution sulphur of decades of impacts the reduction, emissions and the upgrade smelter the Despite problems. respiratory from as suffering well as those elderly the and children affects dramatically most and problems, respiratory with associated is atmosphere the into released when which pollutant air an is dioxide Sulphur 2015. since emissions sulphur the regarding complaints no been have there that us to response their in notes Glencore years. 16 last the for or ownership, its since tions opera by thesmelter have affected been who those for toremedy access or care medical no provides However, Glencore emissions. excessive are there when and on are turned thesmelters when affected tothose attention medical provides it that noted has company The smelters. the ing instead enforcing much lower taxation. lower much enforcing instead law, the towithdraw government the led This Zambia. in investments and operations tostop threatened Glencore, including operators, mine of acoalition consequence, a As minerals. other and copper on tax the increased which alaw passed Zambia of 2014 Government the October in instance, For topay taxes. unwillingness clear its by illustrated also is Zambia of people development. tosupport resources of country the deprives but illegal, not is which mispricing, transfer as such schemes avoidance tax wider in participates also Glencore Glencore’s lack of commitment to the tothe commitment of lack Glencore’s 179 Glencore in their response response their in Glencore 177 178 -

4,700 to lay threatening off refused initially topay this, agreed companies of majority the while and copperbelt the in companies tomining provided tariffs low the energy revised Zambia operates.” it which in countries the all in royalties and taxes of amounts substantial pays “Glencore that stated to Facing Finance supply. theof cost not reflect does cost the arguing companies power with operations toencourage prices lower had have todate copperbelt the in companies and dams hydroelectric country’s the at levels water tolow due predominantly are prices area. in the of effluent tion copper preven pollution future and treatment for need the regarding made was statement rial aministe that severe so however, been has area is responsible. the in mines the of which exactly identify to possible not is it River, although Kafue the particularly mines, the near pollution fatalities. no were there although apowerline, hit truck a when gassed accidentally were workers 300 over when 2016 November in again electrocuted were miners 2016 three when August in occurring incident Zambia, with a serious in mines its at record safety and seven workers died. workers seven and collapsed mine Katanga pit open the of part Republic ofDemocratic Congo the in mine its at record safety terrible mines. Mopani at fall arock in died miners four 2015, July when compared to other global miners global toother compared when record safety poor Glencore’s and incidents the of severity the concerns, reviewing and problem these addressing tobe claims There have been reports of water water of reports been have There Glencore has a poor apoor has Glencore 185 182 183

workers. The increased power power increased The workers. 187 180 Previously in Recently, the Government of of Government the Recently, 188 Glencore also has a has also Glencore 186 184 and and The pollution, The 190 While Glencore Glencore While 181 189 Glencore , where , where “Two years ago when I was coming coming Iwas when ago years “Two This affected my child who started started who child my affected This old baby boy when I reached near near Ireached when boy baby old coughing uncontrollably and hadcoughing uncontrollably heavy release ofheavy sulphur-dioxide who has spent her life since birth in Margaret Chisanga is a 40-year-old 11:00PM carrying a four month month afour carrying 11:00PM which polluted the whole area. area. whole the polluted which the mine area I experienced a Iexperienced area mine the from the market area thefrom market around 191 difficulties in breathingdifficulties “ , is , is - - remedy. to access regarding actions totheir relation in information no included Glencore their operations. their in arise concerns rights human where care” of a“duty have companies that fact the around revolved have cases legal Previous ed to adverse human rights impacts” rights human toadverse ed to adverse impacts, they should provide for for provide should they impacts, to adverse […] contributed or caused have enterprises business “Where state which Principles Guiding UN the and companies tinational mul for guidelines OECD the both in shrined en as toremedy toaccess regard with particularly rights, people’s upon infringed potentially have Zambia in Glencore by Operations rights. human therefore and development country’s tothe blow asevere dealt have evasion tax of impacts the as well as this of impacts The ronment. healthpublicandthe envi affected severely (b) ICESCR. 7 Art. Conditions, Working healthy and Safe and FavorableJust of Conditions Work - to Right tothe related violations possible ratified. has Zambia which Convention, Mines in Health and Safety 7, 6and ILO the of Article III, Part within contained expectations tothe up to live failed also but UNGPs the only not violated regard this in has Glencore deplorable. Copper mining pollution in Zambia has has Zambia in pollution mining Copper Kankoyo. woman 195 196

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The Pits: Extremely poor performers poor Extremely Pits: The Rights Human and Security on Principles Voluntary ICMM, EITI, Compact, Global UN (Poor) 20–29% ICESCR Peoples, Indigenous of Rights the on Declaration UN ILO, FPIC. without Operating impacts. labour and social rehabilitation, environmental to related procedures closure Mine No G October 2017.October water.clean for need urgent the and sources, water reduced and contaminated pollution, air for including damage, environmental for sation compen for protesting residents, and drivers, truck landowners, by aprotest was 2016, there 2014. in 2013in and September In spill aSelenium that 2016,in August by it journalists was discovered reports, Profits Dirty themine Marlin in Guatemala. specifically and Honduras, in Martin San Leagold), by (now owned Mexico in Filos (now Chile in Los NuevaUnion), toEl Morro relation in report, 3 in was covered 2014Profits Goldcorp in Honduras. Dirty the Progress on previously cases reported forDigging Justice: in the worst category “The pits: Extremely poor performers”. poor Extremely pits: “The category worst the in Goldcorp of categorisation overall an in resulted has This principles. these touphold committed tobe claims and Standard’ Gold Council’s Gold and World the ‘Conflict-Free and Human Rights Security on Principles Voluntary the and ICMM, the Compact, Global practice. (FPIC) in Consent Informed and Prior Free, for regard limited shows and mechanisms grievance strong lacks toremedy, access on policy no has it larly Particu percentiles. lower the in falling rights, human on companies extractive of Benchmark Corporate the in poorly very performs Goldcorp response. any toprovide failed company the Goldcorp, grounds. mine the within just than wider was leak. selenium the about information this concealing toGoldcorp due shareholders In addition to these cases, and not previously covered in our our in covered previously not and cases, tothese addition In Despite our requests to corroborate information directly from from directly information tocorroborate requests our Despite as projects in Chile, the Dominican Republic, Guatemala, Guatemala, Republic, Dominican the Chile, in projects as well as Mexico and Argentina, Canada, in operations with Canada, in headquartered company mining agold is oldcorp 198 199 200 These protests resumed in September and early early and September in resumed protests These There is now a class action against Goldcorp by by Goldcorp against action aclass now is There The class action suggests that the selenium spill spill selenium the that suggests action class The 197 occurred at the Peñasquito mine in Mexico Mexico in mine Peñasquito the at occurred 201 Goldcorp is a signatory to the UN UN tothe asignatory is Goldcorp

­ - surrounding the mine is the mine closure. mine the is mine the surrounding among communities the for discomfort FPIC was obtained. no and mine, the for tooperate licence asocial toobtain occurred never tation to them allowing communities, the in grievances to address failure a “systematic as aresult, communities affected from not participation ensure robust conflict withinthe communities and could aggravated project the that acknowledged co proper that shown has Evidence violently. even suppressed, been and mine the against fought have people, ense Sipakap Maya and Mam Maya Indigenous security. mine by allegedly killed, and shot was accident awork-related in killed was employee mine 2016, In a leaders. opposition of sation criminali as well as tensions, severe mine, the on referendum alocally-convened of violationlems, of lack FPIC, of recognition prob health and water damage, mental living environ conditions, deteriorating to related mine the at issues Previous end. toan came mine 2017 the of life the when May of end the at closing adecade, over for Marcos San of department Guatemalan the in operated mine The Goldcorp. company Canadian of asubsidiary is which (Montana), S.A Guatemala, de Exploradora Montana by owned is mine gold Marlin The Marlin Mine, Guatemala: From exploration to mine closure; a decade of operation without consent A 2010 Human Rights Assessment report report Assessment A 2010 Rights Human mine, the surrounding communities The 203 202 and in 2005 another man man another 2005 in and 204 The latest cause cause latest The 206 ­n noting noting ­sul - ­ - - 205 -

resolution. the against tovote shareholders advised plans. closure and post-closure and consultation community on its ency transpar toensure as well as costs mated esti independently- the matching surety to financial aside set on called Goldcorp resolution the damage, environmental long-term to significant communities affected exposing risked discrepancy this $1 million. amere was bond surety company’s the but mine Marlin the of costs closure and post-closure for tag price million a $49 calculated study The neers. engi US-based of team independent study by a an of results the and assessment own company’s the from drew that Goldcorp to aresolution presented listened to these concerns. tothese listened has company the evidence no is There village. the over run that lines electrical the and losses, job of impacts social tunnel, underground the quality, water including closure the of impacts social and environmental about concerns have members community that notes report Theevaluation communities. affected or stakeholders external toengage failed also which produced, was report a progress closure Upon exacerbate”. and accumulate In 2012, shareholders 2012, shareholders In 210

208 - Recognising that that Recognising 207

209 natural resources. This is why we’re we’re why is This resources. natural water. We love our land, we love our our love we land, our We love water. Goldcorp Goldcorp the struggle? Because we love our our love we Because struggle? the Alfredo Jacinto Pérez, a community struggle? Why do we continue continue we do Why struggle? “Why do I continue with the the with Icontinue do “Why of the Sipakapense Council - - in the struggle,” the in said. he spokesman and leader finances, proving that long-term sustain that proving long-term finances, due to be offered lack cannot of services mine closure. the following and during contamination metal heavy and cyanide of possibility the about concerned now are Communities results. and studies these disputed drainage. mine acid mine and damages the recognize company the that is asking are we What gold. for looking was it when made mine the explosions the and floor,walls of itwe believe wasbecause the from cracked are homes 400 “Some (Fredemi), said: Front Defense Miguelense plan. closure the toimplement company the by commitment of lack clear the as well as community, and houses totheir done has it damage the 2017 July as torectify mine the recently for Ixtahuacán” Miguel San for blessing “healthcare a as touted and Goldcorp by supported Community members have protested as as protested have members Community 213 and a risk of tailings seepage and and seepage tailings of arisk and 226

216 215 © Aniseto Lopez, FREDEMI. Lopez, © Aniseto landing strip. including here occupying Goldcorp’s 2017, June in mine Marlin Goldcorp’s to entrances blockade peacefully Miguel and Ixtahuacan Sipakapa fromCommunity members San ◀ is now in disrepair and and disrepair in now is A local hospital initially initially hospital Alocal 211 blood of residents near the the near residents of blood the in and water in metals heavy including tion, contamina water shown done. been has nothing date to that report but mine, the with issues these raise to tried repeatedly have needy.” Communities very are who people pay the Aniseto López, of the the of López, Aniseto 214 Previous studies have have studies Previous The company has has company The 212

33 - -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 mine closure. upon removed also be will employees mine for tohealthcare Access concern. of are by future contamination) could be affected (and operation into went mine the since livelihood of sources alternative of loss the as well as workers, mine from income disposable on relied -which canteens of themine assuchin boom the effects which would Indirect require relocation. jobs industrial are they skills, transferable may be these However, while taught. been have skills management and operation systems hydraulic and electrical operation, machinery heavy as such skills jobs, their lose now will who workers For one. toform attempted who staff dismissed company the that showed study 2010 rights human the and workers, these for aunion been never has there however local, was Marlin at workforce development. economic and jobs via community, local underprivileged the with revenues high its sharing was it that toclaim was mine the of impacts negative the over questioned when community. the from profits reaping longer no are they once manage to desire or capacity the have not do they which services toprovide endeavour nies compa mining when problem -amajor goal the never was health community in ability Goldcorp’s defence for the last decade decade last the for defence Goldcorp’s 34 218 217 At one point 78% of the the of 78% point one At rebuild the area they used to explore explore to used they area the rebuild only one. They never explained to us us to explained never They one. only in detail what the actions will be to be will actions the what detail in “We were invited to a presentation apresentation to invited were “We that a government commission be formed to verify the closure of the the of closure the verify to formed and exploit, so we have requested requested have we so exploit, and of the closure plan, but it was the the was it but plan, closure the of San Miguel Ixtahuacán - Ramiro Soto, mayor of says the mine is rehabilitated. is mine the says significant contamination, whileGoldcorp acidfrommineand drainage suffers but still 2008, in closed Mine Martin San Goldcorp’s many Inthereafter. years Honduras, for risks social and environmental negative poses investment, major with even closure, 13 after has, that Goldcorp denounced have mine Marlin toGoldcorp’s resistance in Communities communities. affected with consultations tosubstandard due the communities. not mine, the for was provision structure roads.” spillway, milesof paved protection flood an award-winning systems, filtration “tailings as these listing communities, for infrastructure on spent was million US$130 sure that would finance water treatment sure that would treatment financewater post-clo and closure for bond adequate an without particularly worse, even or similar be could legacy mine’s environmental Goldcorp’s exit strategy has been flawed flawed has been strategy exit Goldcorp’s that claims website Goldcorp The company.“ 219 It is quite clear that this infra this that clear quite is It 225

harms it caused. Mine Mine caused. it harms repairing without the leave will company the that fears population The Sipakapa. of people and Mayan Sipakapense Ixtahuacan Miguel San of people Mam Mayan the of well-being and rights collective the against divisions and violence community and family harms, environmental and health of legacy left a of years operations, 220 The Marlin Marlin The

- - prior use. prior totheir returned be cannot that lands disturbed and soil, and water contaminate further could that sedimentation and erosion acid mine being effluents, quences conse serious most the future, the into the absence of robust accountability tools. tools. accountability robust of absence the in with struggling tobe appears Goldcorp that something is raised, issues other many the among uses”. land This, post-mining in accordanceoperations with appropriate by occupied or disturbed land “rehabilitate to commitment the includes ments commit ICMM the 6of Principle ICESCR. 11 (1) Art. toHousing, Right the enshrines Rights, Cultural and Social Economic, on Covenant International the 14 of Comment 12(a) General of paragraph infor indigenous accordance peoples with availability its and fulfill protect, respect, health,” and of determinant “underlying an is land as tohealth, right communities’ as well as jurisprudence, international and Peoples Indigenous of Rights the on Declaration UN 169, the ILO in Convention enshrined rights Indigenous violated potentially and people indigenous of rights the on infringed continually has Goldcorp mine, impacts. future and ongoing of brunt the bear will who communities affected with consulted adequately not has and this, provided not has Goldcorp but closure, mine Throughout its operation at the Marlin Marlin the at operation its Throughout 222 221

The right to remedy is critical in in critical is toremedy right The 223 states are obligated to obligated are states → → Fredemi, United for Mining Justice Justice Mining for United Fredemi, and MiningWatch Canada 224 which also which also - -

Management of shares and bonds by top banks (in € Million): (in banks top by bonds and shares of Management (€ Million) underwritings bond and loans all bank— by provision Capital (€ Million) underwritings bond and loans — all year by provision Capital HSBC 22 UBS 29 1.000 1.200 1.400 1.000 1.100 1.200 1.300 200 400 600 800 100 200 300 400 500 600 700 800 900 0 0 2010 20112012201320142015 Credit Suisse Facing Finance category commitments Voluntary Company ranking on CHRB Potential violations norm Significant concern Company to allegationsresponded HSBC Crédit Agricole 11 Deutsche Bank 11 Credit Suisse 14 UBS Dotted line line * Dotted Grupo México. violations by published first Finance Facing when indicates UBS HSBC Credit Suisse 2015 2014 2013 2012 2011 2010

The Pits: Extremely poor performers poor Extremely Pits: The None Poor) (Extremely 0–9% Rights Human and Business on OECD Guidelines on Multinational Companies, ILO, Guiding ICESCR, Principles Labour violations and severe toxic tailing spills. No G worker rights violations in the US. the in violations rights worker to 2016 in relation in process remediation OECD an in to participate the Corporate Human Rights Benchmark. Rights Human Corporate the on ranking possible lowest the scored and ICMM the nor Compact policy. rights human explicit an have it does nor organisation the in this embeds way no in it but rights, human mentions ethics of code its in México Grupo standards. and norms rights tohuman adhere and policy rights ahuman toincorporate businesses committing provisions private security forces in August 2017. August in forces security private by evicted brutally were lines railway blocking were who workers former and workers striking years, ten for owed has it what them recently, toafter atheforceofMost month company protest to pay 2007. mine) since (prev. Cananea mine Cobre del Buenavista the at persisted also have protesters of suppression violent the t deaths, civilian three in resulting 2015, in occurred protests violent which against mine, Maria Tia The mines. Cobre del Buenavista and Maria Tia the including 4report Profits in Dirty was the included México Grupo Progress on previously cases reported Justice: for Digging Dutch Pension fund (See Appendix 1). While the Norwegian Govern Norwegian 1). the While Appendix (See fund Pension Dutch a PGB, and Lloyd Delta including investors, numerous by excluded of mine workers continue tooccur. continue workers mine of and an sharing end to profit thecare, surveillance medical improved wages, over Disputes behaviour. anti-union including past, the in surfaced have Peru and Mexico both in operations Copper Southern mine. the against continuing are region the in farmers by protests Reportedly, norms. rights human violate potentially would forward moving and project to operate. licence asocial have indeed they whether over disagreement still is reopening. and expanding reportedly now is region, the in declared being cy The Guiding Principles on Business and Human Rights include include Rights Human and Business on Principles Guiding The Additionally, labour and freedom of association issues at at issues association of freedom and labour Additionally, Corporation operating in the U.S.A, Mexico and Peru. In 2016, In Peru. and Mexico U.S.A, the in operating Corporation Copper Southern the including companies, subsidiary of ahost through operations mining its conducts México rupo 227 228 234 Construction licences are due to be issued, but there there but issued, tobe due are licences Construction Without a social licence there can be no FPIC for the the for FPIC no be can there licence asocial Without Grupo México is not a participant of the UN Global Global UN the of aparticipant not is México Grupo he suspension of the mine the of suspension he 229

233 230 México México Labour violations and Labour 232 de C.V. de Grupo Grupo Grupo México also refused refused also México Grupo 235 , and a state of emergen of astate , and It has also been been also has It

SAB SAB 35 231

- -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 sions. emis Copper’s carbon and Southern México Grupo of grounds the on recently, Copper’s labour violations and, more toSouthern due so todo pressured been has it divested, not Fund has Pension ment performers”. poor Extremely pits: “The category worst the in México Grupo of categorisation overall an in resulted has This received. was response Copper, no Southern and México Grupo both tocontact attempts repeated Despite governments. national with firmly and remedy to respect duty the place and responsibilities its toevade seeks actively but activities, mine by impacted those of rights the toprotect strategies and policies todevelop fails and tion, protec environmental and rights human to regard with responsibility its admit 236 36 The company not only fails to fails only not company The - - diseases in a temporary facility. atemporary in diseases dermatological and gastrointestinal for treated been have todate residents 381 spill, the Since completed. been never had clinic the that and functional, not was which pump, water one only reported Group Working The commitments. amongother affected, clinic to those treat and a technology filtration pumps with treatment water 28 of provision the ed includ catastrophe the of wake the toin ted itremediation had commit The remediation. promised on through followed not had México Grupo showing impacts the of scale the ment. govern the and company the against communities by PODER of help the with forward brought been have procedures 11 legal response, In livestock. and ofhealththe residents to affect continues region. the from produce tosell inability and loss livestock to due hardship economic severe is there and pollution metal heavy shows still water water, river bottled on reliant still are ever,residents thespill, after years three How cleanup. the completed had it that Mexico to visit its on report its published Rights Human and Business on Group Working justice. social for topush ra Sono Rio Cuenca de Comités group the formed have individuals, affected over 1000 representing ty. responsibili denied and spill the reporting delayed Copper Southern subsidiary its and company the and negligence of result the tobe found was spill The rivers. Sonora and Bacanuchi the into spilled concentrate copper of million acidified 40 litres when mine Cobre del Buenavista the at occurred history” Mexico’s in disaster ecological history Mexico’s in disaster ecological worst the cobre: del Buenavista 238 In July 2017, July In UN the On the 6th August 2014, the “worst 2014, “worst the August 6th the On In October 2014 Grupo México claimed claimed México 2014 Grupo October In 240 241 In particular, 10 local committees committees 10 local particular, In and acknowledged acknowledged and 239 The polluted water also also water polluted The - - 242 Benjamin Cokelet, executive director of have gotten sick, animals have died, died, have animals sick, gotten have contamination covered almost 200 200 almost covered contamination PODER, a Latin American non-govern- and crops have failed. The affected affected The failed. have crops and There is is There miles of river. People and animals animals and People river. of miles communities need answers about needcommunities answers mental organization that has repre- sented the communities in Mexican the and responsible parties they - “This is Mexico’s worst mining mining worst Mexico’s is “This need the situation remedied.”need the situation disaster in recent history. The The history. recent in disaster 237 ­

- - association and collective bargaining. collective and association of freedom for those including ICCPR, the of 22 Article ILO and the in conventions the for regard of alack shows disputes health. of determinants theunderlying specifically Rights, Cultural and Social Economic, on Covenant International the violate potentially also above, described those as such pollution, water the from stemming […], and impacts rights human adverse to contributing or to“Avoid causing Rights Human and Business on Principles Guiding UN the violating potentially as well as work and livelihood, adequate tohealth, also towater, but right communities’ the only not to water.access long-term This affects communities’ the tosecure steps no taken has company the that reports the from rights. human fundamental most their affecting water, unequivocally drinking safe accessing from indirectly people 250,000 and directly people 22,000 responsibility. to corporate commitment an insufficient indicate remediation on delivery of lack and contributions paltry the México Grupo by made profits to compared substantial the When funds. the of distribution in ties irregulari serious been have there but spill by the affected those to fund assist trust toa contributed voluntarily also México Grupo emerging. cases new of evidence The pollution of the river has prevented prevented has river the of pollution The court.247 245 Southern Copper in its labour in Copper its Southern → → PODER and Comités de Cuenca Rio Sonora Rio Cuenca de Comités and PODER Rights. Health issues issues Health Rights. Human and Business on Principles Guiding UN the by required which contribute.” they as to or cause they impacts rights human adverse any of remediation the enable to “Processes place in tohave appear not does company the addition when they occur”. impacts such address 243 It is apparent apparent is It 244 246 In In - © Richard Boren Boren © Richard toxins. other and metals heavy to due spill the after effects health serious and numerous suffered have Sonora Rio the along adults and Children ◀

via Sonora Government Journalism Investigative Centre © Arizona River Sonora the of Image ▲

37

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Group Tinto Rio Management of shares and bonds by top banks (in € Million): (in banks top by bonds and shares of Management (€ Million) underwritings equity and bond loans, all bank— by provision Capital (€ Million) underwritings equity and bond loans, — all year by provision Capital Deutsche Bank 246 DZ Bank 444 UBS 837 1.000 1.200 1.400 1.600 1.800 1.000 1.200 1.400 1.600 1.800 2.000 200 400 600 800 200 400 600 800 0 0 Paribas 2010 2011201220132015 BNP 38

Deutsche Bank

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Agricole Crédit Credit Suisse 341

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Rio Tinto. Rio violations by published first Finance Facing when indicates UBS Barclays Crédit Agricole Credit Suisse HSBC Deutsche Bank BNP Paribas 2015 2013 2012 2011 2010

Undermined: Bad all-rounders EITI ICMM, Rights, Human and Security on Principles Voluntary Compact, Global UN (Good) 60–69% Guidelines OECD Rights, Human and Business on UNGP Diversity, Biological on Convention mineworkers. sick for remedy to access of Lack (riverine). methods Uranium Mining. disposal tailings Controversial toaccess natural resources. and lack of compensation). (livelihood Land Rights destruction Community Preventing community No R operation to cover the clean-up costs. clean-up the tocover operation mining the toreopen government local the force might This bility. responsi further no accepts therefore and standards environmental local applicable the under operation 17 active of its in years worked losses. dollar multibillion up tocover attempting for sale, tothis relation in water. as such resources, necessary the without and quality lower of land to communities resettling were they that aware was Tinto Rio that and communities for still been no affected compensation agreed period. ownership its under 2014 in Tinto Rio by sold was mine the Although resettlements. during violations rights human and grabbing toland 2013 relation in in highlighted also were responsible - remains unaddressed. -remains responsible directly is Tinto Rio which –for legacy environmental mine’s massive However, the Governments. PNG and Bougainville tothe mine Progress on previously cases reported Justice: for Digging war crimes. war in complicity company’s the and drainage mine toacid due damage environmental toserious (PNG), Guinea New relation in Papua in Bougainville of Region Autonomous the in located mine, copper is being undertaken study ahealth and employees, former for fund pension the through have taken place to about providing remediation affected those discussions While exposure. toradiation related issues health for remediation seeking employees its of plight the and mine, uranium pit open running longest world’s the Namibia, in mine Rössing and in todrew 2012 1 Profits attention Rio report Tinto’sthe Dirty “Undermined”. category middle the in categorised being it in resulted has Tinto Rio from response of alack particular In toremedy. access and violations rights human over remain concerns time, over improved have policies on by violations Rioreported first Tinto in 2012.While Rio Tinto’s Facing Finance Appendix). (see Tinto Rio excluded have investors many grounds, these On used. method disposal tailings riverine destructive environmentally the is concern Amajor decades. over Rio Tinto’s coal mining interests in Mozambique’s Tete Mozambique’s in province Tinto’s interests Rio mining coal Facing Finance reported in Dirty 2Profits in Facing in Dirty Finance 2013reported on the Panguna producers uranium largest world’s the of one also is Tinto Rio 256 include human rights and environmental concerns stretching stretching concerns environmental and rights human include 248 Indonesia in mine Grasberg the at committed io Tinto due has opposition tofaced significant violations 257 In addition, Rio Tinto is currently being charged with fraud fraud with charged being currently is Tinto Rio addition, In 251 Rio Tinto has since, in 2016, divested its stake in the the in stake its 2016, in since, divested has Tinto Rio 254 250 , the largest phases of resettlement occurred occurred resettlement of phases largest , the , to date no remediation has been provided. provided. been has remediation no , todate 255 Reports have shown that there has has there that shown have Reports 252 253 The company claims to have tohave claims company The

, which 249

- revenue for Mongolia. for revenue tax in million 230 USD of loss the in resulted has agreement tax abusive company’s the how and havens, tax of use the through 470 USD million nearly paying avoided has Tinto Rio that showed Watch also responsible. owner new the and absolved bilities responsi consider apparently their miners many assets, their selling By exception. mining companies multinational tomany extends frequent are divestments and acquisitions mergers, where industry an in issues legacy for responsible be should who of question The responsibilities. environmental and rights human its of company the torelieve assets mine troublesome of sale –the cases these A recent study by SOMO and Oyu Tolgoi Oyu and SOMO by study A recent from emerges that trend aclear is There 258 and Rio Tinto is no no is Tinto Rio and 259 - displaced. tothose compensation inadequate andproviding lands of flooding agricultural in relation criticisms to pollution, dust been have There Madagascar. of government the by 20% and Tinto Rio by owned 80% high biodiversity, 17 arequire as them of biodiversity, high in ofareas high and very projects offsetting 19 implementing is company the Currently, Namibia. in and Guinea in Mongolia, in mines including mining projects, in manyglobal of its offsetting biodiversity of use the company, embraced has offsetting. biodiversity for aside set were concessions mining the outside forest of hectares 6,000 aside for conservation set was 10% mining, for Tinto Rio by owned area. tothe unique species tothreatened home is which world, the in forest littoral coastal remaining last the of some of removal the in resulted and vicinity 6,000 than more impact indirectly operations The screens. sun and paints in used ilmenite, mines Taolagnaro mine, Dauphin, Fort Madagascar: double land grab? Rio Tinto, more than any other mining mining other any than more Tinto, Rio project sands TolagnaroThe mineral 262 264 Of the 6,000 hectares of land land of hectares 6,000 the Of

260 people living in the the in living people 263 , and an additional additional an , and 261 QMM is is QMM 265 -

- be disturbed in the first place. first the in disturbed be should of places oftenunique biodiversity these whether over discourse any blighting effectively habitats, of tion sensitive is to used allow thedestruc offsetting sity voluntarily. them 2of and regulators or lenders by ment before stopping us from using the forest. forest. the using from us stopping before food grow us tohelp projects the started have should they But forest. the protecting of importance the understand “We 2015, in interviewed villager toone According threatened. is life way of their as well as security food their had, once they as forest the touse permitted being low.is longer No productivity where dunes sand now is land available only –the fertile as is ground the where land agricultural alternative no with provided been have Villagers them. upon imposed simply were restrictions that and consulted adequately not were they feel communities that revealed 2016 study NGO food. grow or plants medicinal and fuel togather able being from restricted now are reserve protected newly the around living communities Madagascar, in area In the specific case of the Bemangidy ofBemangidy case the In specific the 266 In all of these cases biodiver cases these of all In © Impact Madagascar Madagascar of forest inLemurs the dwindling littoral ◀ 267

39 268 - A -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 delivered. been not has this however biodiversity”, of loss “no net be would there that ised prom Tinto Rio forest. the on dependent still are who and in, resident once were who on those effects dramatic the downplayed and environment, the for good primarily as seen is which aproject into mining strip using forest littoral last the of some of destruction the tospin managed has people. Malagasy the for consequences socio-environmental negative the despite in-situ mining tolegitimise attempted has Tinto Rio mindset, conservation a topush continuing By construction. port for rocks toquarry ancestors”, twelve the of land “the tobe locals by considered mountain, anearby acquired ally, Tinto Rio Addition construction. port and associated due to grounds to the fishing access mine occurring in 2013. in occurring on protests with fishing dependent those communities,tion from particularly food. cultivate than rather tobuy have now they that fact the despite villagers, of livelihood long-term the tosupport developed been have projects no and employment aproblem.” is we are nothis andleftwith food Otherwise Rio Tinto has faced significant opposi Rio significant Tinto has faced 40 272 The Biodiversity Committee Committee Biodiversity The 269 There is only sporadic sporadic only is There 270 Rio Tinto has reduced reduced has Tinto Rio 271 - - It It - offsetting only as a last resort. last a as only offsetting biodiversity for advocates ICMM The ICMM. of member afounding as well as Rights Human and Security for Principles Voluntary the and Principles, OECD the Compact, Global UN the toradiation. due tion are concerns with rehabilita there and area biodiversity breached the buffers of the has Tinto Rio addition, QMM.” at In program ty biodiversi the for provided be will capacity and resourcing long-term adequate a that “lack of confidence express they Tinto.” Rio of Moreover, priorities corporate stated five the from is ment absent totally with that fact “the mention of the environ uncomfortable deeply now are they that stated recently also have mine QMM the for offsetting projects -are not if communities projects offsetting biodiversity all for risk apotential is case this in (CBD). occurred has 1992 ty, What with Convention The on Biological Diversi itself aligns 6(PS6), which Standard mance Perfor IFC of recommendations the with comply notentirely does projects offsetting biodiversity these in Tinto Rio by taken development sustainable of view narrow Rio Tinto is a signatory of of asignatory is Tinto Rio 273 - 275 The The cultivation intocultivation the dunes, but it’s so sandy there that growing anything because we had to stop cultivating cultivating stop to had we because is difficult. Plus they took our land land our took they Plus difficult. is and did not even compensate us. us. compensate even not did and They saidThey would, they but they 274 “We are really suffering now now suffering really are “We - on the hills. We moved our our We moved hills. the on

- - - Villager in Antsoto279 case. this in completed adequately been have communities.”local impact that may significantly activities other or projects for making decision and toplanning relation in account into taken tobe views their for opportunities ful meaning toprovide order in stakeholders relevant with “engage must companies that stress Guidelines OECD the Also, Bemangidy the in provided been not have communities and lists suggestions communities and lists for livelihoods alternative providing of importance the notes Plan Action poverty. impacts dramatically this resources toforest access lose they before livelihoods alternative with provided or compensated CollectifTany, World Rainforest Movement and Re:Common never did.” never → 276 → Facing Finance based on information published by by published information on based Finance Facing While the QMM Biodiversity Biodiversity QMM the While © Jutta Kill Kill © Jutta success. limited with crops grow to try communities where fields sandy The ◀ Performance Standard 1”. Standard Performance in as defined process stakeholder engagement the with accordance in services ecosystem priority of determination the in participate should they impacted, tobe likely are Communities Affected “When 24 states: para PS6 IFC Additionally, case. 278 This appears not to not appears This

277 , these , these -

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Undermined: Bad all-rounders EITI,Rights, ICMM Human and Security on Principles Voluntary Compact, Global UN (Bad)30–39% 1 Principle Compact Global UN Rights, Human and Business on UNGP 19, Art. Information, to Right The ICESCR, ICCPR, Labour. Human violations Rights in resettlements. Forced Destruction. Environmental failure. dam tailings massive Brazil Yes

V dredging operations aftergrey 200 dolphins eared died. operations dredging Vale’s suspended State Janeiro De Rio in prosecutors federal the addition, In livelihoods. their toprovide families 788 of ability the damaged which pipeline bauxite its with caused it damage project it will be the largest iron ore mine in history. in mine ore iron largest the be will it project S11D the as 2016, in known completed was project this of sion Progress on previously cases reported Justice: for Digging category “Undermined”. category middle the in categorised been Vale has commitment policy of lack toa due and these, torectify done have they what and violations the regarding 2017. Facing Finance with contact in been Vale has in late rejoined then and Guinea in mine Simandou the over Tinto Rio with toadispute due ICMM the quit controversially but Compact Global the of amember Vale is Brazil. in operations Samarco the as well as Peru) of government tothe (now sold Peru Northern in to six times higher risk of respiratory diseases. respiratory of risk higher times to six up have area the in living those showed results pollution, air for ed evaluat independently been recently has exists, railway the reason the and world the in mine ore iron largest the complex, mining Carajas The minimized. are tribe the on impacts that to ensure NGOs and company food. for tohunt harder make it will expansion who claim rail thatthe theAwáwith tribe, in conflict resulted resettlement. the for compensation awaiting still are families some reports According to recent and waterfood frominsecurity. and suffer farming for suitable less toareas resettled been have families These mines. coal vast the tomake way for resettled were communities 1of and Profits 2)numbers large where (covered bique in Dirty In Brazil at the Mina do Pica mine, inspections found that that found inspections mine, Pica do Mina the at Brazil In Recently in Brazil, Vale has been ordered to repair environmental environmental torepair ordered been Vale has Brazil, in Recently Vale still owns and operates the Moatize coal mine in Mozam in mine coal Moatize the operates and owns Vale still The expansion of the Carajas railroad in the Brazilian Amazon has has Amazon Brazilian the in railroad Carajas the of expansion The Carajas mine and railroad in northern Brazil, and La Morada Morada La and Brazil, northern in railroad and mine Carajas its Brazil, in production charcoal Mozambique, in mines coal 1, 2Profits and 4 toin its relation in ale was Dirty included 280 282 note that the company and Awá are engaging engaging are Awá and company the that note 281 283 Reports from the the from Reports The vast expan vast The Vale 284

285 41

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- - -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Work, 6 Art. ICESCR. to Right the as well as 8ICCPR Labor, Art. ForcedFreedom from and Compulsory ance. This is in our opinion a violation of the compli policy and oversight of lack a clear shows it as case asevere such in knowledge to that claimit lack of is not sufficient mean conditions slavery the of impact and scale However, the tooversight. made been have Improvements contractor. external the with cancelled been now has contract The improvements. toprovide action took immediately they violations the of discovery upon that noted have and allegations these refuted have Vale they with ment engage our In breaks. no with hours long for trucks todrive them forcing conditions, toslavelike workers 309 subjecting of Vale at asub-contractor accused Inspectors conditions analogous to slavery. in working were mine the at workers 42 287

286

- - continues to affect, communities’ abilities abilities communities’ to affect, continues and This has affected, affected. directly technical report preliminary Agency) Environmental rounds. sur and district Baixo de Paracatu the in damage severe caused and Rodrigues Bento of village the destroyed mud 17Doce This days theafter dams collapsed. the of mouth Atlantic the river, reaching the along swept and Mariana of City the in started destruction The river. of kilometers 650 along impacted were land of hectares 2,200 Around people. 19 of death immediate the in resulted and rivers Doce and Carmo Norte, do Gualaxo the contaminated churches, and schools houses, 349 including villages, tailings iron-ore and mud of Atorrent (50%) -collapsed. Vale (50%) and BHP between venture -ajoint S.A. Samarco by owned mine ore iron the of dams waste two when 2015, 5, November on written was rights human and environment the for disregard collapse. dam tailings deadly the from on years two Mineração: Samarco at Catastrophe A dramatic chapter in Vale’s historic Vale’s in historic chapter A dramatic 288 289 destroyed destroyed According to IBAMA’s (Brazilian toIBAMA’s (Brazilian According 290 , 40 municipalities were were municipalities , 40 - culture, but will not be able to kill kill to able be not will but culture, “Vale killed our river, our our river, our killed “Vale Djukuna Shirley Krenak302 minimum) were aware of the risk of the the of risk the of aware minimum) were (at a Gerais Minas of State the and involved companies 2013 the since that stated Brazil statements by diverse institutions diverse by statements Further communities. local for aconcern be to continues quality water groundwater, the reaching metals, heavy of levels high with of thewater the contamination confirmed bystatements independent institutes292 Other mercury. and copper, boron barium, iron, aluminium, lead, as such particles metal of presence the detected tragedy, the after just undertaken Gandu, Baixa have banks river the on rituals sacred and farming hunting, fishing, their out, wiped fishermen. 7,500 and producers rural 300 least at including livelihoods, their to support our spirit.” 291

People’s way of life has been been has life way of People’s Água e Esgoto (SAAE) de de (SAAE) eEsgoto Água de Autônomo Serviço the by analysis River. An Doce the of water the on reliant communities several affecting concerns quality towater due suspended temporarily also was locations destroyed. been © Rogério Alves/TV Senado Alves/TV © Rogério Gerais. Minas of Region Central the in Mariana, of district Rodrigues Bento the in houses several flooded that mud of a flood BHP, caused and Vale by owned Samarco, company mining of dam tailings the of rupture The ◀ The water supply in 16 in supply water The 293 in in

Despite the suspension the agreement agreement the suspension the Despite Court theSuperior parties, and affected of victims companies participation which the ignored the and government federal the between agreement an was this As renewable. is agreement the but years, 15 within completed be should processes These by tragedy. the affected population the for leisure and culture education, health, of areas the in measures as well as recovery, environmental infrastructure, programs, of adopting socioeconomic purpose the for foundation aprivate of creation the settlement. a agreed 2016anddefendants plaintiffs 2March On measures. reparation regarding BHP Vale and Samarco, against a lawsuit in filed complicit tragedy, the be considered also could that actors three Santo, Espirito and Gerais Minas of states the and Federal provide for reparation measures. to and involved actors those account to tohold order in extrajudicially and judicially taken been have initiatives several impacts. the tominimize measures strong own their take not did and processes, ing Samarco’s decision-mak from themselves todisassociate struggled directors metals into the rivers. the into metals heavy released collapse dam the that break was caused by design flaws. design by caused was break the admits Vale also and BHP by sioned dent. acci tothe react would they how public make and torespond days 22 took company Vale mishandled situation. the The seriously this. toavoid nothing did company However, the structure”. the of acollapse in resulting [...] destabilization of “possibility the was there that noting bursting, dam Fundão On November 30, 2015, the União União the 2015, 30, November On event, the following years two the In Since the moment the tragedy occurred occurred tragedy the moment the Since 294 296 299 The assessment report commis report The assessment The company also initially denied denied initially also company The in Brazil suspended the decision. decision. the suspended Brazil in 298 This agreement established established agreement This 297 Vale’s board of of Vale’s board 295

- - - legal cases. accompanying the in such as treated be should it and company the by misconduct” willful and negligence “gross of example an Horizon, Deepwater BP of case tothe ble compara is tragedy the toprevent nothing did but collapse dam tailings catastrophic a of risk the of aware was company the occur;”. they when impacts such […], address and impacts rights human toadverse contributing or causing “Avoid they did nor impacts, rights human potential the assess not did apparently company the as violated potentially were UNGPs The Guidelines. OECD the violated BHP Vale and companies the that claiming by filed has complaint IndustriALL been OECD An system. warning early no also was there indeed event, the in todo what or failure dam tailings of risk the of knowledge no had dam the below living communities as violated apparently also was ICCPR 19, 25 Art. toInformation, Right The ICESCR. 11, 12 6, Art. Work, and Health Food, Water, toHousing, Right 6ICCPR, Art. Life, to Right the example for including rights human fundamental most the violate tially poten Brazil, in dam tailings the of break the with thatoccurred suchas those effects, devastating The events. weather extreme linked and change toclimate due threat increasing an tobe likely are They mining. in occur can that threat disaster biggest the and events damaging most the of one this. of aware were companies the and break could it that signs clear had dam the since rupture- dam tothe related nies compa four the and individuals 22 against Ministry Public Federal the by filed were In 2016 charges affected. criminal those and able themeasures to remains define Samarco implemented, tobe continues Catastrophic tailings dam failures are are failures dam tailings Catastrophic 301 → The fact that that fact The → Atingidos pela VALE pela Atingidos 300 - - - 43

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 industry extractive on Features © 2016 Reinart / Misereor /Misereor Reinart © 2016 Brazil. Baixo, de Paracatu in spill dam tailings of Impacts 44

Biodiversity Protection Biodiversity and Mining Banks, Value: Extracting even more so in the future, so get used to it. it. to used get so future, in the so more even mining industry global the of emerging issue said the Rio Tinto CEO “That will be the case case the be will “That CEO Tinto Rio the said It’s industry.” for the coming future the become to poised was Biodiversity Rio Tinto CEO Tom Albanese in 2008. in Tom CEO Tinto Albanese Rio 303

T signed in 2017 to begin development. 2017 in begin to signed sensitive regions? The answer is Biodiversity Offsetting. Offsetting. Biodiversity is answer The regions? sensitive 5,900 hectares of forest 5,900 hectares (Santa Fe and Omar Torrijos), and establish a new protected protected Torrijos), anew (Santa Omar Fe and establish and (due to a downturn in nickel prices), a new agreement has been been has prices), agreement anew nickel in (due adownturn to affected natural habitats. natural affected the for benefit anet achieve to expecting nearby, thereby area and Tobelo Dalam communities to be affected by the project did did project the by affected be to communities Tobelo Dalam and of assessment independent an project, proposed of the aspects and habitat”,and in biodiversity protecting constitutes effect in and creation. livelihood and compensation adequate the open pit copper mine, Cobre Panama, in 2013 2018 in by and Panama, Cobre mine, pit copper open the respected. Sawai ethnic the that showed 2013 in also project mining the the mine. At the same time, the mine has deprived communities communities deprived has mine the time, same At the mine. the to achieve this. the two sections of the Aketajawe-Lolobata National Park. National Aketajawe-Lolobata of the sections two the In Eastern Panama the Mesoamerican Biological Corridor is a is Corridor Biological Mesoamerican the Panama Eastern In Biodiversity offsetting is defined as “ways to counterbalance, counterbalance, to “ways as defined is offsetting Biodiversity ecologically such in permitted be projects these could How swathes destroyed has mine ilmenite QMM the Madagascar, In In an effort to recognize the high biodiversity of the area, the the area, the of biodiversity high the recognize to effort an In contribute to the costs of managing two existing national parks parks national existing two of managing costs the to contribute highest concentrations of threatened species on Earth. In this this In on Earth. species of threatened concentrations highest compensated, and their customary rights over land were not were land over rights customary their and compensated, home to about 10% of all known species known 10% about to home of all It is continents. between bridge aland as acts that area critical companies have seen this as a way to “offset” the damage damage the “offset” to away as this seen have companies ecosystems of land, disturbance up the for or make compensate, lemur) grey endangered the to home are and diversity plant high Nickel industrial and mining project mining and industrial Nickel company behind the Weda Bay project committed to achieve no no achieve to committed project Weda Bay the behind company one place in order to allow its destruction in another. Mining Mining another. in destruction its allow to order in place one without them removing lands, traditional to access of their have (these forests on earth forest littoral remaining last of the destruction associated with the mine, the company will will company the mine, the with associated destruction not give Free, Prior and Informed Consent, were not sufficiently not sufficiently were Consent, Informed and Prior Free, not give net loss in biodiversity, although it currently has no plan on how on how plan no has it currently although biodiversity, in loss net mining concessions covering 54,000 hectares of this island, to to island, of this 54,000 hectares covering concessions mining while committing to protect an equivalent sized site adjacent to site to adjacent sized equivalent an protect to committing while it is expected to result in the destruction of approximately of approximately destruction the in result to expected it is acquired Minerals Quantum First corridor, biological unique individually tailored protection. tailored individually be partially located in the forests that form a corridor between between acorridor form that forests the in located partially be recognised biodiversity hotspot known as the Wallacea. Wallacea. the as known hotspot biodiversity recognised Flora and fauna are so diverse here that every island needs needs island every that here diverse so are fauna and Flora internationally an in is Indonesia of Halmahera, island he 308 While the mine has been on hold for three years years on three hold for been has mine the While 307 Apart from the questionable environmental environmental questionable the from Apart 311 . To compensate for the biodiversity biodiversity . To the for compensate 312

304 In 2010 the PT Weda Bay Weda Bay 2010 In PT the 305 309 , was nevertheless granted granted nevertheless , was 310 and has one of the of one the has and 45 306

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Halmahera Island, Indonesia. at Twilight Boat, with Boy ▲ Another critique is that offsetting schemes merely focus on focus merely schemes offsetting that is critique Another Attempting to value biodiversity areas, and attempting to value value to attempting and areas, biodiversity value to Attempting According to recent data, there is a clear correlation between between correlation aclear is there data, recent to According species movements and reproductive behaviours is inadequate. inadequate. is behaviours reproductive and movements species solution to the problems caused by the mining sector. Evidence Evidence sector. mining the by caused problems the to solution policies technical issues in determining what has been lost, and what what and lost, been has what determining in issues technical of impacts negative the neglecting effects, environmental the the economic benefits of the mine, is a flawed system, the system, flawed is a mine, the of benefits economic the the abilities of communities to resist destructive projects. destructive resist to of communities abilities the that this process only further contributes to causing extensive extensive causing to contributes further only process this that to ecosystems and biodiversity caused by their operations. operations. their by caused biodiversity and ecosystems to It can never be a viable solution to destroy biodiversity areas areas biodiversity destroy to solution aviable be never It can concept of ‘no net loss’ into an empty phrase. Besides this, there there this, Besides phrase. empty of ‘noconcept an loss’ net into the rendering thus area, offsetting the in protected been has complexities of which are not clearly understood and therefore therefore and understood not clearly are of which complexities harm to communities and ecosystems, instead of being the the of being instead ecosystems, and communities to harm companies but also by banks, which are increasingly asking for for asking increasingly are which banks, by but also companies offsetting project on protecting biodiversity. on protecting project offsetting disregarding the connection between communities and their their and communities between connection the disregarding and communities surrounding on the developments extractive elsewhere, this is particularly the case where research about about research where case the particularly is this elsewhere, evidence of biodiversity offsetting in projects. in projects. offsetting of biodiversity evidence natural environment, especially in terms of subsistence but also but also of subsistence terms in especially environment, natural mining dependent countries and biodiversity offsetting offsetting biodiversity and countries dependent mining which are home to endangered species and replacing them them replacing and species endangered to home are which is insufficient oversight in terms of the long-term impacts of the of impacts long-term the of terms in oversight insufficient is various are there Furthermore connections. of ancestral terms in used and touted as a sustainable approach, asustainable as touted and used increase biodiversity loss, while at the same time undermining undermining time same at the while loss, biodiversity increase fact in can offsetting biodiversity that shows increasingly based on flimsy science. Despite this they are being widely widely being are they this Despite science. on flimsy based 46 313 . However the examples above (and others) above show examples the . However 315 not only by mining mining by not only 314

This makes it all the more important that IFC PS6 is both both is PS6 IFC that important more the it all makes This The financial institutions that have adopted the Equator the adopted have that institutions financial The While the performance standard specifically notes that that notes specifically standard performance the While solution to biodiversity protection that it was hailed to be ten ten be to hailed it was that protection biodiversity to solution financial institutions have to become increasingly aware of aware increasingly become to have institutions financial a biodiversity offset plan is insufficient, or indeed where a where indeed or insufficient, is plan offset a biodiversity addition it was found that most banks understand the mitigation mitigation the understand banks most that found it was addition as a condition of lending requirements. of lending acondition as the application by banks of this standard, notes that banks banks that notes standard, of this banks by application the the mining industry is adopting it as a go to solution. Therefore, Therefore, solution. to ago it as adopting is industry mining the relation to its Performance Standard 6 Standard Performance its to relation IFC PS6 has become the de facto standard for the industry. industry. the for standard facto de the become has PS6 IFC comprehensive and well adhered to. A 2010 investigation into into to. A2010 investigation adhered well and comprehensive hierarchy but rarely apply it. but rarely hierarchy Financial institutions, including private banks and development development and banks private including institutions, Financial often don’t have the required knowledge to know whether whether know to knowledge don’t required often the have companies. mining by offsetting of biodiversity uptake of the offset plans, particularly for projects in the mining industry industry mining the in for projects particularly plans, offset exhaustion of all other options, it is increasingly apparent that that apparent increasingly it is options, other of all exhaustion developing countries. developing members of the Equator Principles have also agreed to abide abide to agreed also have Principles Equator of the members minimization, and restoration measures. restoration and minimization, avoidance, appropriate applying i.e. after hierarchy, mitigation for biodiversity offsetting, but only as a final resort in the in resort final as a but only offsetting, biodiversity for Principles are responsible for about 70% of project finance in finance 70% about for of project responsible are Principles years ago, as despite claims from mining companies it cannot it cannot companies mining from claims despite ago, as years undo the extensive harm done to nature and communities. and nature to done harm extensive the undo future the be cannot offsetting Biodiversity shortcomings. its biodiversity offset plan is an inappropriate solution. inappropriate an is plan offset biodiversity biodiversity offsetting is a last resort, only to be used after the the after used be to only resort, last is a offsetting biodiversity banks, are increasingly following the lead of the IFC in in IFC of the lead the following increasingly are banks, by the IFC PS6 and are more frequently requesting biodiversity biodiversity requesting frequently more are and PS6 IFC the by 319 For this reason IFC PS6 is a major driver driver amajor is PS6 IFC reason For this 316 318 . The standard allows allows standard . The By these actions, the the actions, these By 317 Banks which are are which Banks 320 In In Climate Change Climate Banks, Mining and Mining Banks, Value: Extracting “The potential large-scale roll-out of electric large-scale roll-out potential electric of “The set to unlock material new sources of demand demand of sources new material unlock to set including copper, cobalt, zinc and nickel.” and zinc copper,including cobalt, vehicles and energy storage systems looks looks systems storage energy and vehicles for enabling underlying commodities, for commodities, enabling underlying Glencore CEO Ivan Glasenberg Ivan CEO Glencore 321

T 70% of all anthropogenic GHG emissions. 7 of 10 companies 7of 10 companies GHG emissions. anthropogenic 70% of all The mining industry represents the start of the supply chain supply chain of the start the represents industry mining The The second challenge is linked to the quality of the minerals, minerals, of the quality the to linked is challenge second The faces industry mining the that problems main two are There provide energy for surrounding communities and improve mine mine improve and communities surrounding for energy provide are of lesser quality and thus more energy is needed to mine for for mine to needed is energy more thus and quality of lesser are fuels, fossil exploiting and exploring stop must companies and renewables market is expected to result in an increased demand demand increased an in result to expected is market renewables the same quantity of quality minerals. of quality quantity same the ones. deeper the extract to needed is energy more removed, amore in managed be to need therefore and energy renewable to reduce GHG emissions in specific parts of the mining sector, sector, mining the of parts specific in GHG emissions reduce to legacy issues. issues. legacy commodities, including copper, cobalt, zinc and nickel,” and zinc cobalt, copper, including commodities, comparison of metals miners the platinum group metals and gold gold and metals group platinum the miners of metals comparison climate friendly way. friendly climate of development the to contribute minerals and mining however fossil industry, extractive wider of the perspective From the however, these include controversial aspects such as carbon carbon as such aspects controversial include these however, has a substantial impact on carbon emissions, as the fossil fuel fuel fossil the as emissions, on carbon impact asubstantial has climate commitments, but given the usually remote nature of nature remote usually the but given commitments, climate of electric vehicles and energy storage systems looks set to to set looks systems storage energy and vehicles of electric of the mining and the mineral being mined, for example in a in example for mined, being mineral the and mining of the operations, renewables provide a meaningful opportunity for for opportunity meaningful a provide renewables operations, their from emissions reducing of terms In storage. and offsetting of these global industrial GHGs (1988-2015). industrial global of these display the highest environmental burdens. environmental highest the display especially in the case of metal mines, where deeper minerals minerals deeper where mines, of metal case the in especially minerals are mined first, which means that once these are are these that once means which first, mined are minerals mining companies to reduce their energy input. energy their reduce to companies mining mines, investment in well thought through renewables can also also can renewables through thought well in investment mines, for iron and copper as well as rare earth metals. According to to According metals. earth rare as well as copper and iron for economy, including wider the supplying products many for globally, coal mining in 2012 was responsible for 2.7% for responsible of the 2012 was in mining coal globally, fuels are no longer a viable option in the face of climate change change of climate face the in option aviable longer no are fuels unlock material new sources of demand for enabling underlying underlying enabling for of demand sources new material unlock the Indeed, vehicles. electric and energy renewable for inputs in regard to future GHG emissions: inevitably, the higher lying lying higher the inevitably, GHG emissions: future to regard in investigated in this report are responsible for nearly 7,5 nearly for % responsible are report this in investigated (GHGs) emissions gas 2015, in about and greenhouse industrial 91% for accounted of global coal and gas oil, including industry introduce renewable energy infrastructure could not only benefit benefit not only could infrastructure energy renewable introduce Glencore CEO, Glasenberg “The potential large-scale roll-out large-scale potential “The CEO,Glencore Glasenberg GHG emissions of mining companies depends on the nature nature on the depends companies of mining GHG emissions GHG emissions worldwide GHG emissions alone accounted for approx. 2% of GHG approx. for emissions accounted alone he mining industry is a significant emitter of greenhouse greenhouse of emitter asignificant is industry mining he gases (GHG), in 2014 mining and quarrying in Europe Europe in (GHG), quarrying and gases mining 2014 in 323 . The broader extractive industry industry extractive broader . The 327 Various methods exist exist methods Various 324 325 Naturally the the Naturally

328 Mines which which Mines 322 47 326 and and .

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Extracting Value: Banks, Mining and Climate Change Climate and Mining Banks, Value: Extracting 2017 Brazil attempted to open 18,000 sq miles of amazon forest forest of amazon 18,000 open miles to sq attempted 2017 Brazil This is true in particular for large open pit mining projects. In In projects. pit mining open large for particular in true is This While many U.S. and European banks have begun to put policies put to policies begun have banks U.S. European many and While An additional and certainly not trivial issue for the mining sector sector mining the for issue not trivial certainly and additional An financed coal mining to the tune of $57.92tune the to 14 least At mining coal billion. financed problem to be addressed. Anglo American also scored poorly in in poorly scored also American Anglo addressed. be to problem assets. the in criticised been also has Glencore reduction. emissions and at Glencore, Anglo American, and Rio Tinto AGMs, calling AGMs, calling Tinto Rio and American, at Anglo Glencore, actual carbon reduction strategies must also be followed up on. followed be also must strategies reduction carbon actual and it opposing a carbon tax in South Africa. South in tax acarbon it opposing and to mining. While this decision was recalled it illustrates the the it illustrates recalled was decision this While mining. to targets, or show climate change’s impact on business cost. on business change’s impact climate or show targets, report for its continued push towards acquisition of thermal coal coal of thermal acquisition towards push continued its for report First McMoRan, Freeport miners, listed publicly largest 12 the the scale of investor owned emissions means that investor investor that means emissions owned of investor scale the the report due to its coal business providing a quarter of earnings of earnings aquarter providing business coal its to due report the BHP and Glencore acknowledge the issue of climate change change of climate issue the acknowledge Glencore and BHP on Institute Research Grantham of Economics’ School London Disclosure Project) report “Digging Deep” also shows that of that shows also Deep” “Digging report Project) Disclosure BankTrack report in the last three years major banks have have banks major years three last the in report BankTrack FTSE Russell, large mining companies such as Anglo American, American, Anglo as such companies mining large Russell, FTSE the out by carried management, emissions carbon companies’ comparing large diversified miners in terms of their readiness readiness their of terms in miners diversified large comparing carbon emissions, or carbon reduction targets -a significant -a significant targets reduction or carbon emissions, carbon of those are moving swiftly towards a low carbon future and and future carbon alow towards swiftly moving are of those deforestation between 2005 and 2015 was caused by mining. by 2015 caused 2005 and was between deforestation engagement is essential. BHP was also recently pressured by by pressured recently also was BHP essential. is engagement extractive sector in the last year. Shareholder activists have put have activists Shareholder year. last the in sector extractive necessary step but implementation of these commitments and and commitments of these but implementation step necessary major international banks have ruled out direct financing for financing out direct ruled have banks international major for the transition to a low-carbon economy, 2017 the alow-carbon to CDP (Carbon transition the for for increased transparency on climate change risks change on climate transparency increased for of resolutions acceptance the in successful been and forward So how have companies been approaching these changes, which which changes, these approaching been companies have how So Shareholder resolutions have proved fruitful in the mining and and mining the in fruitful proved have resolutions Shareholder which are seemingly stuck? According to an assessment of assessment an to According stuck? seemingly are which immense pressure on forests from the mining industry. industry. mining the from on forests pressure immense is deforestation. A recent study has shown that 10% of Amazon 10% that of Amazon shown has study Arecent deforestation. is in relation to climate policy positions. policy climate to relation in groups of lobby membership its assess and disclose to investors particular in resolutions, these backing been also have investors in place to curb financing for coal mining, according to a 2017 according mining, coal for financing curb to place in Quantum and Vedanta perform worst in relation to commitments commitments to relation in worst perform Vedanta and Quantum Climate Change and the Environment supported by data from from data by supported Environment the and Change Climate Corporation (parent Grupo México) provide no data at all on their on their at all data no provide México) Grupo (parent Corporation but have variously failed to reduce emissions, set integrated integrated set emissions, reduce to failed variously but have 331 48 Companies such as Norilsk Nickel and Southern Copper Copper Southern and Nickel Norilsk as such Companies 334 Transparency is a is Transparency 332

333 . Large . Large 330 329 In In

The results of Facing Finance’s survey of the banks covered in in covered banks of the Finance’s survey of Facing results The American received capital from Barclays, UBS, BNP Paribas and and Paribas BNP UBS, Barclays, from capital received American 10 banks responded. 10 banks provided with over €7 billion over the last ten years by the banks, banks, the by years ten last the over €7 billion over with provided applying climate criteria to project finance and corporate finance, finance, corporate and finance project to criteria climate applying actual carbon emissions. emissions. carbon actual to its lack of policy and action on climate change. In 2017 In change. Anglo on climate action and of policy lack its to they take this into account. All of these banks said they were were they said banks of these All account. into this take they they were willing or able to– taking into account the often often the account into or to– able taking willing were they the acknowledge of banks majority the that show report this mining still are there when particularly emissions, to relation in reviewed be also must sector extractive and mining wider the large thermal coal assets, persist. Anglo American too has been been has too American Anglo persist. assets, coal thermal large however, only 60% apply it to asset management decisions. Yet decisions. management 60% apply it asset to only however, climate (for example sector extractive the in companies HSBC on climate grounds. HSBC on climate companies that provide no publically available data on their on their data available publically no provide that companies opportunity to provide as little or as much information as as information much or as little as provide to opportunity despite its poor ranking in the above-mentioned CDP study due due CDP study above-mentioned the in ranking poor its despite disclosure?)” all responding European banks stated that that stated banks European responding all disclosure?)” mentioned constraints of client confidentiality – only 6 of the the 6 of – only confidentiality of client constraints mentioned however emissions, carbon curbing in step anecessary is mining new coal mines globally, including Credit Suisse, Rabobank and and Rabobank Suisse, Credit including globally, mines coal new in Anglo American to the value of €567 value million. the to American Anglo in investments in companies such as Glencore, well known to have have to known well Glencore, as such companies in investments industries. While the survey was designed to give banks the the banks give to designed was survey the While industries. extractive and mining to relation in change of climate issue Credit Suisse. Deutsche Bank also has the largest shareholdings shareholdings largest the has also Bank Deutsche Suisse. Credit bank consider climate change commitments when reviewing reviewing when commitments change climate consider bank 336 In response to the question “Does the “Does the question the to response In 335 The reduction of investment in coal coal in of investment reduction The the supply chains of multinational of chains supply the Chain of LafargeHolcim in Uganda in LafargeHolcim of Chain companies: Child Labour in the Supply Artisanal mining, child labour, child and mining, Artisanal I 2016, LafargeHolcim stopped buying from artisanal miners and and miners artisanal from buying stopped 2016, LafargeHolcim The investigations undertaken by TLC (based in Fort Fort in (based TLC by undertaken investigations The do, find often and can, mines artisanal of these products The supplied raw materials (specifically pozzolana, a volcanic rock) rock) volcanic a pozzolana, (specifically materials raw supplied supplying Pozzolana to Hima Cement Limited, the subsidiary subsidiary the Limited, Cement Hima to Pozzolana supplying pozzolana from artisanal miners in 1992, and child labour in the the in labour 1992, in child and miners artisanal from pozzolana suppliers to rectify damage by implementing programmes that enable enable that programmes implementing by damage rectify to suppliers showed 150 that approximately children under worked hazardous investigation The Uganda. (LH) in LafargeHolcim of subsidiary and did not go on to secondary school. Working in pozzolana pozzolana in Working school. secondary on to not go did and out of school dropped quarries at the worked who children Many and physical development. This type of work is classified by the the by classified is of work type This development. physical and and enhancing working conditions in artisanal mines is essential essential is mines artisanal in conditions working enhancing and that working in quarries has a negative impact on their health health on their impact anegative has quarries in working that at “extreme risk” of child labour. Artisanal mining is also an an also is mining Artisanal labour. of child risk” at “extreme the publication of an article in the newspaper Le Monde in April April in Monde Le newspaper the in article of an publication the including scandal, apublic Following Uganda. in company the to regions. these in of communities livelihoods the improve to this in companies, of larger supply chains the into way their labour.” International Labour Organization (ILO) as “hazardous child child (ILO) “hazardous as Organization Labour International having experienced injuries (leg, hand, foot). They also reported reported also foot). (leg, hand, They injuries experienced having For more than 10 years, LafargeHolcim and its suppliers suppliers its and LafargeHolcim 10 years, than For more considerably high. Artisanal mining is informal, often illegal, illegal, often informal, is mining Artisanal high. considerably quarries is hazardous, most children interviewed reported reported interviewed children most hazardous, is quarries buying started Cement Hima Uganda. in of LafargeHolcim decided to work only with mechanised mines. mechanised with only work to decided quarries had been confirmed since the early 2000s. TLC and and BFA TLC 2000s. early the since confirmed been had quarries quarries the in worked 150 children approximately estimates) found that up until September 2016, (according to several 2016, several to September (according up until that found Portugal, Uganda) and BFA interviewed 54 informants and and informants 54 BFA and Uganda) interviewed Portugal, Statistics from UBOS indicate that about 2.75 million children children 2.75 about that indicate million UBOS from Statistics cement) to Hima Cement Limited. LafargeHolcim must work with its its with work must LafargeHolcim Limited. Cement Hima to cement) (used for Pozzolana supplying were that quarries the in conditions violations and human rights concerns. Supporting these miners miners these Supporting concerns. rights human and violations of labour forms worst of the some with them associating way involved in hazardous work, hazardous in involved 51% labour, (1.4m) are of whom child in engaged are Uganda in interviewed 20 working children between the ages of 12 and 17. and of 12 ages the between children 20 working interviewed industry where child labour and human rights violations can be be can violations rights human and labour child where industry former child labourers to return to school or to receive vocational vocational receive to or school to return to labourers child former training in order to generate another source of income of source another generate to order in training benefitted from child labour among artisanal miners who who miners artisanal among labour child from benefitted but provides a source of income for those living in poverty. in living those for of income asource but provides and Bread for All (BFA) published the results of an investigation investigation an of results the (BFA) published All for Bread and on child labour in the supply chain of Hima Cement Limited, the the Limited, Cement Hima of chain supply the in labour child on n a report released in May 2017, Twerwaneho Listeners’ Club (TLC) (TLC) Club Listeners’ 2017, May in Twerwaneho released n areport 337 the country is classified as being being as classified is country the . 338

With this move, LafargeHolcim merely reduces itsreputational LafargeHolcim With thismove, spite evidence gathered from the 54 interviews conducted by TLC school fees). some parents entirely dependent on quarrying could not afford sources ofincome.Theincreasedunemployment led tohigher program pales in comparison to thesavingsin comparison program pales made bythecompany program aimedtoeducatethecommunitiesabouthealth-relat fails LafargeHolcim of theiroperations, and responsibilities pacts appears to illustrate that companies alltoooftenseektoreduce to illustrate thatcompanies appears and should responsibility take concreteactions.Thiscase a huge and BFA. LH evidenced theirstancebasedonasingleauditreport and BFA.LH should and HumanRights(UNGPs) companies according towhich, purchasingannounced wouldcompletelystop it from artisanal sourcedal it purto be with 90% fromartisanalminesto10%, - tually rectify and provide remediation for victims of human tually rights remediation forvictims rectify and provide the need toac- reputational risksforthemselves, whileignoring to generate another source ofincome.Aftermore than 10 years of to meet the requirements of the UN Guiding Principles on Business theft in thecommunitiesandalsoledtomoreschooldropouts(as risks without implementing measures implementing risks without toguaranteeadecentfuture lished. In order to comply with the UNGPs, LafargeHolcim must workwith In ordertocomplywiththeUNGPs, LafargeHolcim In September 2017, LH announced the launch of a CSR program constantly LH denied havingchild labour initssupplychainde- In undertakingthese changeswithnoconsiderationfortheim- conducted by a firm called “ControlRisks” that was never pub- child labour.like human rights impacts, case ofnegative chased from mechanised mines. In January 2017, Hima Cement decided toreducethemateri- 2016,thecompany From September ed issues and provide training on revenue generating activities on revenuegenerating training ed issues andprovide miners, mostofthechildren,whodroppedoutschool,losttheir miners anddeniedeverhavinghad children in itssupplychain. from 10 years of reduced input prices due tochildlabour.prices from 10yearsofreducedinput for selected community members. This CSR program, the first to for children, who were working in the quarries. Since Hima Cement stopped buying raw materials from artisanal violations, caused by companies’ negligence. caused bycompanies’ violations, welcomed, however, the investment of USD10,000 in this CSR its suppliers toimplementprograms thatenableformer child la- its suppliers in Harungongo together with SOS Children’s Village. The CSR remediation inthe to provide use theirleverageonsuppliers benefitting from child labour in its supply chain, a company bears bourers to returnin order training vocational toschoolorreceive be implemented by LH in its 20-year operations in the region, is in theregion, in its20-year operations implemented be byLH → → Twerwaneho Listeners’ Club (TLC) and Bread for All (BFA) All for Bread and (TLC) Club Listeners’ Twerwaneho

49

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FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 investments Harmful 50

Financial Institutions benefitting from harmful investments harmful from benefitting Institutions Financial F always ensure remedy. ensure always should businesses cases these all in However, linked. directly are relationships business where responsibility lesser and impacts, rights human to or contribute cause businesses where given is of responsibility level highest the UNGPs, the to According through their business relationships. It is with this in mind, that that mind, in this It with is relationships. business their through violations rights human to linked directly or to be contribute to likely more far are they violations, rights human cause to likely business relationship with, a relationshipbusiness with, bank.” a into enter or of, aclient be may that sector other any from vehicle commercial or company any to apply they Equally, structure. and ownership context, operational sector, of “size, regardless sector, financial the in entities other and banks commercial including enterprises, business apply all to UNGPs that “the reaffirms Rights (OHCHR) onHuman Commissioner High the of Office The activities. apply banks’ to do Rights Human and Business on Principles Guiding UN the that clear very Butpace. it remains at asnail’s progressing are Principles Guiding UN the implement to efforts their and remain rights human to approaches bank in gaps scope. Significant in limited and drawn-out flawed, significantly been has process this ”. However, Group “Thun the by undertaken been has reporting and policies operations, own FI’s into Rights Human and on Business Principles Guiding UN the implement to attempt additional An Principles. or Equator Compact (PRI), Global Investment UN Responsible for Principles UN the as such principles voluntary to committed indeed have document this in examined banks the of majority The finance. they operations and projects the to linked ones, indirect the for rights violations, as issued in their letter to BankTrack. to letter their in issued as violations, rights human to or contribute cause can banks how to related guidance OHCHR the to strongly refers Mineração of Samarco case The orprojects: companies for Finance Direct projects. specific or purposes corporate general for used be company, can that the to available capital make deals These underwritings. equity and bond loan, as defined be can provision Capital sector.extractive the to related terms, general more in countries selected five the in banks ten of the practices and policies the evaluating as well Mineração), as case (Samarco specific to a relation in financing bank at both looked have we chapter this in reason, For this not only for the direct impact of their operations, but also but also operations, of their impact direct the for not only responsibility, take to investors and public the governments, by upon called been habitually have institutions inancial 341 While financial institutions are less less are institutions financial While 339 340

operational-level grievance mechanism.” grievance operational-level an through is impacts of such remediation for provide to ways systematic most to. of the One or contributed caused has it which of harms remediation in or for cooperate provide to it fails if rights human respect to responsibility its meet cannot “a that bank letter OHCHR the in noted clearly It also is Banks Grievance mechanisms: accident. the before years the in Mineração Samarco company of the funders direct as Paribas and BNP HSBC references specifically case This violations. these to or to contribute linked be can banks how assess and investigate to here represented is case Samarco the learning of continuous asource and rights-compatible transparent, equitable, predictable, accessible, legitimate, be to has mechanism grievance impacted”. effective An adversely be may who communities and individuals for mechanisms grievance operational-level effective in or participate “should establish 29, enterprises UNGP to business According complaints. these with dealt banks the how unclear often it was customers, than other stakeholders from complaints for channels established by the UN Guiding Principle 31. Principle Guiding UN the by postulated criteria effectiveness the meets that away in up them set to failed mechanisms, grievance established had that banks international major of the all that showed, study Principles” with “Banking of its update BankTrack’s contributed to. contributed or caused have it may impacts adverse of any remediation the in or cooperate remedy to and stakeholders all to open mechanism agrievance operate to commits Rabobank itself, impacts adverse bank’s the for As mechanisms. grievance adopt to appropriate” “where clients asking as well as impacts, adverse unavoidable “are expected to provide for and cooperate in remediation” in cooperate and for provide to expected “are clients that establishes and activities investment and financing its all to applies Framework Policy bank’s Sustainability The activities. investment and i.e. financing its business, core its to Rights Human and on Business Principles Guiding UN the applying to regards with frontrunner the represents clearly Rabobank report, this in investigated banks European the to regards With mechanism. agrievance establish to responsibility defined by UN Guiding Principle 22. Principle UN Guiding by defined to”, or contributed caused “to have identify enterprises is and business where applies impacts remediate to responsibility The 344 . 343 For the banks that had had that banks For the 345 This is separate from the the from separate is This 342 Already in 2016, in Already 51 346 for for

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 in Direct Finance for the company — Mineração Samarco P directly to Samarco Mineração SA by the banks in this report: report: this in banks the by SA Mineração Samarco to directly given loan one and bonds three been have 2011 there Since provide? banks selected the did financing What 43. on page given are collapse dam tailings of the impacts rights human direct The collapse. of the cause the evaluate to place taken since have Investigations of river. 650 km along land of 2,200 hectares around impacted and rivers Doce and Carmo Norte, do Gualaxo the -contaminated churches and schools 349 houses, -including villages entire 19destroyed people, killed collapse dam tailings Fundão devastating The history. Brazilian in catastrophe environmental worst the for responsible was Mineração 2015, Vale. Samarco 5November On and BHP world:

million. The bond issuance matures in 2024. in matures issuance bond The million. €64 estimated an provided who aCo-Manager as Paribas BNP included This €389 million. totalling purposes corporate general for Samarco to abond issued banks six 2014 In €170 of approx. million. value the to issuance bond of this apart 2023. in HSBC was matures which banks of three consortium another by purposes corporate general for Samarco to provided was 2013In issuance abond 2022. in It matures €257 was million. Runner Joint Book as HSBC’s contribution purposes. estimated corporate general for SA Mineração Samarco to HSBC, including banks, three of aconsortium by issued was of €773 2012 million In abond 2018. August is loan of the date maturity The loan. the to €46 million estimated an contributed and agent an as HSBC acted million. €230 estimated an of value the to banks, five by purposes refinancing for Samarco to provided was 2011 aloan In venture by two of the biggest mining companies in the the in companies mining biggest of the two by venture ajoint Mineração, Samarco by operated complex, mine Germano of the case the illustrates report of this 41 age

52 the

run

up

to

the case of a dam breach. of adam case the in evacuation immediate their for plan and communities affected potentially alert to tools include specifically should Mariana. in lives saved have could plan emergency an that 2016, indicated February in company of the charge took who of Samarco, CEO in 2007 in General’s office State Attorney the by instance for occasions, on numerous raised concerns not without was company, this the to granted were licences necessary all While Samarco. by fulfilled. never was condition this it appears however of licensing, 2007, as it acondition back made far and as system of awarning wall dam the in crack alarge regarding surveyor occasion the licenses were granted. were licenses the occasion a disaster.” of event the in villages or employees alert to activated be could that sirens and lights warning even or plan, emergency an have not did company mining the that noted and failure dam the to contributed safety: tailings on report Programme Environment UN the to According Plan Action Emergency an requires government Brazilian the Furthermore, not occur, despite being part of Brazilian legislation. of Brazilian part being despite not occur, did risks the about communities with consultation addition, In damage. environmental not the although of livestock, that and damage safety of the dam since 2012 since dam of the safety the reviewed not had itself organisation this and understaffed and underfunded is Research of Minerals Department National Brazilian the that however, known, It well is dam. and mine of the operation the to relation in government the by required licences legal all it had that stressed has Mineração Samarco accident? to the to prior access have banks did information What potential breach. potential of a them warn to system alert no was there that and procedures, of emergency knowledge no had posed, dam the that risk any of not aware were communities the that clear, abundantly

dam 348 353 356 358 , in 2012 by the Pristino Institute Pristino the 2012 by , in , which the Fundão dam was. The emergency plan plan emergency The was. dam Fundão the , which 359 A warning system could have prevented loss of life of life loss prevented have could system Awarning 352

for dams that are classified as high potential potential high as classified are that dams for

“The final government report listed 36 factors that that 36 factors listed report government final “The 355 Government regulators were aware of the lack lack of the aware were regulators Government

354 breach The post investigations however made made however investigations post The 347 , thus relying on reports provided provided on reports relying , thus 351 349 , and in 2014 by a by 2014 in , and 350

, but on each , but on each 357 The new new The

Harmful investments — Samarco Mineração —Samarco investments Harmful the tailings storage facility (or disposal (or disposal facility storage tailings the “whether assess they notes similarly policy mining BNP’s or environment. life to athreat not represent did tailings mine that 20132011, 2012 and ensure to in deals these for processes diligence due enhanced employed have HSBC would that implies this dam, Fundão of the entity operating the is SA Mineração Samarco to human life or groundwater” life human to threat amaterial represent dumps rock waste and facilities storage tailings where sites operating individual supporting for appetite “HSBC arestricted that has of 2007 –stated Policy Mining and Metals –the period this HSBC’s governing policy agreements, financing of these course the in Samarco by banks the to provided was information much how unclear it is While mine’s the operations. supporting directly consequently were Samarco for financings these general corporate purpose services. geotechnical for budget in 30%reduction a and storage, tailings with problems drainage to 2009, 2012 related 2011 and in including incidents several also were there dam, of the stability the about raised concerns numerous the to addition In Unit) are the sole operations of Samarco operations sole the Unit) are (Germano Gerais Minas in operations ore (Samarco). SA iron the As Mineração Samarco to finance direct provide to found HSBC were and Paribas BNP only report, this in reviewed 10 banks the Among violations? Rights Human to these linked directly banks the Are problems and efforts to fix it.”to efforts and problems dam’s on the 2014 and construction 2009 between times several briefed was Billiton, BHP of Vale and representatives included which of directors, board Samarco’s documents, court in included “According minutes that to reported been 2014”. August in it has again addition In 2013, in and dam at the seen were cracking Guardian report, “Seepage, saturation and 360

361 According to a recent arecent to According 362 364

. As . As 363 , and containment over the long term.” long the over containment and of safety terms in practices industry good to according designed is methodology) Samarco to continue its operation of the of the operation its continue to Samarco for means financial the providing by ””, harm cause to else someone case this in for it possible make that “to conditions added having as considered be therefore can Paribas BNP HSBC and and harm, the facilitating of abank interpretation OHCHR’s the meet would This risks. these or mitigate prevent to client the or support encourage require, to action any “take to omitted they that assume we Therefore, regard. this in actions their detail would which information with us provide to unwilling are banks the and information available publicly no is there since collapse dam of the prevention the ensure to Samarco and Billiton BHP on Vale, leverage their used they if know We issue. don´t this addressed Paribas BNP HSBC and how and if It unclear is result in abuses.” that actions take easily more to aclient for environment afacilitating create may it that or was should have been available to information upon act to failure bank’s The to prevent or that mitigate risk... necessary steps the take to omit and risks miss may it diligence, due rights human appropriate , ” t undertaken not has abank “where that c e j states o specifically advice OHCHR The r p r o client aparticular with associated risk rights human is there that known have “should therefore banks the that We understand plan). of the (or Plan shortcomings Action Emergency of an lack the particular in light, to come have would above outlined issues of the some at least processes diligence due rights bank’s human the in that assume to plausible It seems Samarco. for underwriting bond 2014 of their case the in this assess to diligence due enhanced an employ would bank the that suggests also This as it is defined by the OHCHR. the OHCHR. by defined it is as

365

Samarco Mineração since the accident. the since Mineração Samarco towards commitment financial any taken not have they note that they addition, In companies. these for level corporate at the conducted was diligence due social and environmental that and companies venture’s joint partner the to applied was policy sector mining their that noted BNP investment this regarding Finance Facing to response their In remediated. are impacts rights human and environmental the that ensure to loan active the in leverage remaining its use now should HSBC consequences. disastrous with opportunity, this missed bank the aware, are we as far As monitoring. additional and plans management tailings stronger on conditional underwritings bond and loan the made have could particular in 2013, 2011, 2012 and in HSBC Samarco for of capital provision repeated the With process.” the for necessary are that measures or other information relevant providing by example for process, remediation the in cooperate to prepared be to expected be nevertheless would bank the processes, ongoing other to deferring of cases all “in that states OHCHR the Further responsibility. their limit however not does –this remedy to relation in process that to defer should involved banks the therefore and action legal ongoing is there of Samarco case the In of remedy. process the in involved be also should they violations rights human to contributing be to seen are banks Where failure. dam tailings Samarco of the impacts rights human adverse the to contributed have HSBC and Paribas BNP interpretation, our following Therefore, dam. Fundão their engagement with the company. the with engagement their to as information any provide to willing nor HSBC BNP were neither However 53 366

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Crédit Agricole Crédit and Paribas BNP France: *as at 27 September 2017 Gazprom Rio Tinto Eni BNP Paribas BHP Billiton Glencore Eni Crédit Agricole (Top 3): €million in Shareholdings* Glencore BHP Billiton Gazprom Crédit Agricole Rio Tinto Glencore BHP Billiton BNP Paribas (Top 3): €million in 2010–2017 Equities and Bonds Loans, 54

2,410.88 3,047.85 4,159.76 1,970.85 3,283.99 3,418.69 104.80 116.97 114.65 158.07 89.10 61.69

B most shares in Eni and Rio Tinto. Rio and Eni in shares most holds BNP whereas Glencore, and Eni for preference aclear is there Agricole Crédit for companies, the of all shares in invested have banks both While €500 million. around ranging both peers, international their than companies extractive harmful the in shareholdings less have banks French however, For investments Shareholdings: 2010–2017 period the over Paribas BNP and Agricole Crédit by provided underwritings) and bonds (loans, provision 7:Capital Diagram recognized. be can trend similar no Agricole Crédit for time, over decreased slightly has companies extractive the for provision capital Paribas’ BNP Whereas UK’s the Barclays. after third ranks Agricole Crédit period, time the over report this in analysed banks European ten the leads Paribas BNP While underwritings. equity and bond loans, €5.3 in granted billion combined banks 2017 two the alone 2010. since €30.2 2016 In and billion a staggering reaching banks, European ten of all companies extractive ten the to of capital amounts highest the provided have banks French top two The issuances equity and bond loans, of provision Profits: Dirty for provision Capital subsidiaries. management asset their via Investment Responsible for Principles UN the to signatory 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 500 0 by assets. by banks France’s are leading Agricole Crédit and Paribas NP the UN Global Compact, the Equator Principles and are are and Principles Equator the Compact, Global UN the 2010 2011201220132014201520162017 367

Both banks have furthermore committed to to committed furthermore have banks Both Crédit Agricole BNP Paribas Harmful investments — France: BNP Paribas and Crédit Agricole Crédit and Paribas BNP —France: investments Harmful rights standards, which clients are expected to adhere to. adhere to expected are clients which standards, rights human on international drawing rights, on human statement a issued has bank the out. Furthermore, carried not be will transactions certain which with companies for list monitoring or that are in projects as breach of as well a requirements, these of companies blacklist internal own its establish to claims Paribas BNP criteria, mandatory on the to. Based adhere to encouraged are companies which practices’ industry ‘good and process unconventional oil and gas. and oil unconventional and mining but also agriculture, and defence as such sectors sensitive on eight of policies help the with activities investment and its France’s financing coordinates BNP bank, biggest Paribas, approach: policy Agricole’s Crédit and Paribas’ BNP of Comparison report. this in presented companies extractive harmful of the any or excluded blacklisted publicly has banks French of the Neither million) nearest to rounded are numbers all note (* Category each for million Euro in provision capital of Amount 8: Diagram Agricole. of Crédit €11.2 billion and of Paribas BNP €12.5 billion all-rounders, bad the and performers poor extremely the to went banks French the by provision capital total 80% of the almost that means This banks. French the by 1/3 to provided was (“Undermined”) all-rounders bad the to provided money the Also, Agricole. Crédit and Paribas BNP by issued were billion, (“The Pits”), performers i.e. poor €10.3 extremely as considered companies to provision capital total of the third one Almost category: by provided Finance services” and products financial providing considers BNP before Paribas for or that clients “haveprojects to be met exception without requirements’ ‘mandatory certain of detail study this purpose 369 Crédit Agricole , as well as ‘evaluation criteria’ for the due diligence diligence due the for criteria’ ‘evaluation as well as , The Pits Undermined Miner Threat 368 The sector policies relevant for the the for relevant policies sector The

BNP Paribas BNP

The Pits Undermined Miner Threat

The Pits Undermined Miner Threat 370

among others. among EITI, the and Supply Chains Responsible for Guidance Diligence Due OECD the ICMM, the as such initiatives, and conventions several by guided is bank the metals, and mining to related Access Pipeline. Dakota the as such projects, controversial in involvement on its report partially does Agricole Crédit processes. engagement all for engagement of the status or the governance) environmental, (social, type its issue, of the adescription region, and industry the example, for engagement of its specifics the to as information Group published a policy as recently as December 2017 December as recently as apolicy published Group bank’s financing and investment activities. investment and bank’s financing the in safeguarded is standards these to adherence far how in unclear it remains conventions, rights human important most the to subscribes bank the while that acknowledging yet better, around its engagement around procedures and processes on the report does BNP monitoring. under are companies some that noted also Finance Facing to response its in and report, this in mentioned companies of the one at least with engaged it notes has response BNP, survey its in principles of the Global Compact” Global of the principles ten of the or one more seriously, and repeatedly “violate, that those as such business, management asset active its in issuers controversial most the excluding and policy engagement selected”, are companies advanced adedicated having as well as most “only the that ensure to abest-in-classapplies approach Amundi Group’s entity The management asset striking. is business financing its for rights on human policy a cross-cutting of lack the peers, European its to comparison In of projects. types certain to related directly transactions for criteria exclusion as well as risks social and of environmental management the to related criteria out analysis -sets policy mining the – like as well as energy commodities. energy as well as metals and mining as such impacts, potential greatest the with sectors to targeted are policies group-wide These policies. sector of specific help the with decisions financing its into criteria environmental and social integrate to seeks Agricole Crédit business. banking investment and financing its in rights human account into it takes how about vague too remains bank the that Agricole, of Crédit assessment its in noted Guide Finance Fair French The policies. sector its violated have that clients with engages bank the how 377 The Guide’s assessment of BNP Paribas is slightly slightly is Guide’s of Paribas BNP The assessment 372 376 For the Oil & Gas sector, the Crédit Agricole Agricole Crédit the sector, &Gas Oil For the However, there is no systematic reporting on reporting systematic no is there However, 375 , however, it does not provide any any not provide it does , however, 371 For instance for transactions transactions for For instance 374 . 373 55 , which , which

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Harmful investments — France: BNP Paribas and Crédit Agricole Crédit and Paribas BNP —France: investments Harmful extend to capital allocated for ‘general corporate purposes’ corporate ‘general for allocated capital to extend not does commitment but this consultation, public lacking for projects financing direct exclude to seeks also Agricole Crédit ventures. joint and operations global its across opposition community and land to access resettlement, surrounding issues with record American’s track at Anglo back looking when not met, as considered be can companies for BNP by putforth criteria superficial the not apply. even However, do these purpose corporate general for primarily are provided funds the as But transactions. project-specific towards criteria diligence. due extra requiring investment for issue asalient as rights of, local communities”. of, local development sustainable and with, engagement regarding policy Company’s “Mining the as well as issues” governance and social environmental, on “key stakeholders towards of transparency company’s level mining the evaluate it will that policy mining its in notes Paribas BNP mine. the to opposition around threats death report communities the Additionally, military. and security of presence the in held often are meetings community and assessment impact up environmental date to with communities provide to failed also has company The breach. dam a tailing of case in self-evacuate to have would communities affected as opposition, local with met been have mine the for plans Expansion Brazil. in project port associated and mine ore iron Rio Minas its for of critique subject the been has American Anglo banks. French two the between equally 2017and divided alone, 2016 in provided was €1.2 billion total, in €3 billion almost the Of Agricole. Crédit and Paribas BNP banks French biggest two the by provided was American Anglo to underwritings) equity and bond of loans, form the in (provided provision capital 40% of the Over companies: Profits Dirty to banks the of links financial the showing Examples such as the ICMM and EITI when assessing client relationships client assessing when EITI and ICMM the as such initiatives industry and standards on voluntary reliance strong Agricole’s Crédit general, In American. Anglo for that as such these initiatives. by postulated principles same exact the violated have companies these where occasions, countless extensively and clearly details report this Nevertheless, Initiative. Transparency Industries Extractives the as well as Metals and on Mining Council International the Rights, Human and on Security Principles Voluntary the Compact, Global UN of the participants all are American, as BHP,to, Anglo such and finance of its Glencore half almost provides Agricole Crédit companies the that considering clear, especially becomes This operations. aclients’ in arising controversies specific account into take to insufficient clearly is 56 379 BNP has much more detailed and robust evaluation evaluation robust and detailed more much has BNP 378 BNP also identifies communities’ communities’ identifies also BNP 380 , 381

in the Arctic the in projects oil specific to directed finance providing excludes merely Agricole Crédit Arctic. the in exploration gas and oil in active companies on position aspecific have banks French Both and social impacts of the activities that we finance” we that activities of the impacts social and environmental of the management correct the to contributing for leverage greatest the have we where activity the is financing “project that claims that abank for highlighted- be should Eni with relationship 2016. Agricole’s financial since Crédit of which 2010, of €5.5 since out atotal billion €1.4 forked billion Agricole Crédit and companies two the to €3.3 billion provided has BNP Arctic). the in operations (despite Gazprom their and Eni to provided financing the not cover would policies banks’ two the Therefore, Arctic). the in activities (including exploration gas and oil unconventional from revenues total their of share significant a deriving companies diversified excluding additionally by production projects in the Arctic region.” Arctic the in projects production or exploration gas or oil “not to finance committed particular 2017. October in in has BNP projects gas and oil controversial for financing reduce to commitments made Paribas BNP communities. local with consultation insufficient and resettlements large-scale the for criticized been has project The striking. is in Nigeria LNG project Eni the for finance project of shale gas of shale financing the to applies also policy This financings. corporate wider not to and finance apply to project to appears only this one or more of the ten principles of the Global Compact” Global of the principles ten of the orone more seriously, and repeatedly “violate, that issuers exclude to claim Amundi’s with contrast in directly stand to seems This rights. 1on human Compact’s the Principle of breaching at risk company the PNG, place in Porgera in and Tanzania in mines Mara North its in of force use company’s the excessive Furthermore, principle. this violating be to seen be can Barrick Guinea, New Papua in mine Porgera at the practices management waste its to but due challenges, environmental to approach precautionary a 7requires Principle Compact Global UN the amount, small acomparatively is this While Gold. of Barrick shares in million €23 holds also Amundi Principles. Compact Global UN of the or one more of breaching at risk be to considered are whom of all (€34 BHP and million), (€68 Glencore million) million), (€146 Eni in shares holds Amundi subsidiary management asset bank’s The applied. not sufficiently are principles policy the that aconcern is there Agricole`s Crédit for shareholdings, Also report. 386 383 , however this is not covered in the Dirty Profits 6 Profits Dirty the in not covered is this , however , whereas BNP Paribas goes further in its policy policy its in further goes Paribas BNP , whereas 385 However once again once However again 384 , the bank’s , the 382 . and DZ Bank and Bank Deutsche Germany: *as at 27 September 2017 Eni BHP Billiton Rio Tinto DZ Bank Rio Tinto BHP Billiton Anglo American Deutsche Bank (Top 3): €million in Shareholdings* Vale Gazprom Glencore DZ Bank Eni Gazprom Glencore Deutsche Bank (Top 3): €million in 2010–2017 Equities and Bonds Loans,

1,796.20 2,176.34 2,415.59 102.67 443.56 245.90 260.31 567.48 293.00 963.56 83.08 61.96

D Deutsche Bank over the period 2010 -2017 2010 period the over Bank Deutsche and DZ Bank by provided underwritings) and bonds (loans, provision 9:Capital Diagram clear decreasing trend is visible. visible. is trend decreasing clear no yet time, over greatly varies hand other on the underwritings equity and bond loans, in Bank’s participation Deutsche year. per total in €200 €100 million and between ranging typically companies extractive the to provided of loans amount the with time, over trend discernible clearly no is there For DZ Bank, ten European banks. of all sixth ranks Bank Deutsche €9.7 provision, capital in billion with However, banks. Swiss and UK French, biggest the than companies controversial the to capital less far provided therefore have banks German biggest two the peers, international their with 2015. since comparison In of this €4.2 billion companies, extractive ten the to capital in billion €11 than more provided have banks 2010 2017, and German Between top two the issuances equity and bond loans, of provision Profits: Dirty for provision Capital PRI. UN the to asignatory is division management asset its and of Group banks Thun the in engaged is Bank Deutsche Principles, Equator of the amember furthermore is DZ Bank Compact. Global UN the to committed have banks Both banks. cooperative 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 200 400 600 800 0 German bank, DZ Bank bank, German largest second of the assets the times three nearly with bank, largest Germany’s far by is Bank eutsche 2010 20112012201320142015 20162017 387 which is the central bank of the of the bank central the is which

DZ Bank Deutsche Bank 57

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Harmful investments — Germany: Deutsche Bank and DZ and Bank Deutsche —Germany: investments Harmful any of the harmful extractive companies presented in this report. report. this in presented companies extractive harmful of the any or excluded blacklisted publicly has banks German of the Neither million) nearest to rounded are number all note (* Category each for million Euro in provision capital of Amount 10: Diagram categories. two these in companies to capital providing banks European all among fifth ranks bank the as companies, extractive controversial these to exposure Bank’s high Deutsche by driven clearly is result This (“Undermined”). all-rounders bad to provided was money of the (“The Pits”), performers half and poor extremely as considered went companies to money 40% of this than more banks, German biggest two the by €9.7 provision the capital Of in billion category: by provided Finance Tinto. Rio in of this half than more companies, extractive ten the of all shares in invested €700 with million fourth ranks DZ Bank Eni. and Tinto Rio Billiton, BHP American, Anglo companies, extractive four the in are shareholdings 80% of these than More billion. of €1.6 atotal to –amounting report this in contained companies extractive the in banks European ten of the shareholdings highest second the UBS, Swiss’ after has, Bank Deutsche Shareholdings: 58 Deutsche Bank Deutsche The Pits Undermined Miner Threat DZ Bank DZ

The Pits Undermined different sustainability criteria to its investment decisions. investment to its criteria sustainability different applies Investment) (Union Group’s division management asset rights violations and/or damage to the environment” the to damage and/or violations rights human of severe evidence clear is there where or relationships “activities certain exclude to and pledges sectors specific for criteria diligence due out further it sets areas, sensitive environmentally and rights human as such issues sectoral cross- to bank’s the approach details policy The financings. coal-related for exclusion partial its include to updated been since has policy Framework”. This Policy Social and the “Environmental operations, financing its in risks mental environ and social to approach on its policy comprehensive a time, first the for published, Bank 2016In Deutsche approach: policy DZ Bank’s and Bank’s Deutsche of Comparison local ecosystems. local on impacts and management waste consultation, community to regards with systems management and record client’s track a assess to and Rights) Human and on Security Principles Voluntary (ICMM, practices of best application the as such issues sector-specific several to: address both claims Bank Deutsche Framework Policy ES in its mining, to regards With financing. in this report, but does abstain from naming the company. the naming from abstain but does report, this in presented companies ten of one the at least with engaged have to claims further bank The relationship. client ongoing an during companies extractive the by violations of the aware made been only have they that noted Bank DZ Only concerns. confidentiality client to due not provided were report this in presented companies the with activities engagement on actual responses questions, survey our to responded have banks both While impacts. rights human raise can holders rights which through place in mechanism agrievance have to claim banks Both are also valid for the bank’s own investments bank’s own the for valid also are business bank’s lending the to applicable criteria sustainability abuses”. rights The human and offences” “significant environmental “significant as such lending, for criteria rejection include policies sectoral these extractives, and forestry as such industries sensitive for rules sectoral internal has also bank The environmental protection and anti-corruption measures. anti-corruption and protection environmental rights, human for respect as such issues account into takes and Principles Equator the and Compact Global UN on the based is financings for checklist” DZ Bank’s “sustainability companies. extractive influence to agreements contractual use partly to but also customers, with dialogue in engage not to only it claims and published, not been have which criteria assessment detailed out more setting policies sectoral 389 According to the bank, there are further further are there bank, the to According 391 , whereas the the , whereas 388 from from 390 392 ­

Harmful investments — Germany: Deutsche Bank and DZ and Bank Deutsche —Germany: investments Harmful owners. or its venture joint the by but not addressed known, previously were dam tailings the around concerns safety as controversial, particularly is This waterways. of local contamination term along- to led has and communities local of the livelihoods the 2015 November destroyed in breach dam tailings Samarco The concern. of significant is Mineração Samarco to relationship company’s the Vale, especially in involvement banks’ two The population. nearby the in diseases respiratory in increase astaggering in resulted which Amazonas, Brazilian the in mine at Vale’s reported Carajas been previously also has pollution air to related issue similar A insufficient. been have communities affected of the concerns health the address to Glencore by taken measures the yet communities, local by criticized repeatedly been have smelter the by emitted fumes toxic The children. in especially diseases respiratory to lead to believed are communities” of affected safety and health the protect that procedures and on policies “focus to commits clearly Bank Deutsche 2015. in issued was 2017,as company the to loan DZ Bank’s last while recently as others and Bank of Deutsche aconsortium by a loan granted was 2011 Vale too since year every Glencore to loans in participated have banks 2012. Yet, German since the clients these surrounding controversies of the aware made been have DZ Bank and Bank Deutsche both that means This 4. 1to editions Profits Dirty the in covered also were that –issues corruption and evasion tax as well as destruction, environmental abuses, rights human to related issues for criticised been consistently Vale have and Glencore producer. world’s ore the iron biggest Vale, to €760 and Glencore million giant mining to billion €3.4 almost provided banks 2010 2017, and German Between two the companies: Profits to Dirty banks the of links financial the showing Examples 393 . Yet, Glencore’s smelter operations in Zambia . Yet, Zambia in Glencore’s operations smelter

community concerns” community to responding including communities, with engagement “address clients whether assess to commitment Bank’s policy Deutsche to contrast stark in stands this and communities of affected Consent Informed and Prior of Free, concept of the violation the of illustrative are cases These compensation. adequate without farming, for unsuitable areas to resettled were communities as Mozambique, in operations mining coal its for criticized been similarly Vale has standards. accepted internationally by defined as opportunities, resettlement appropriate culturally and compensation adequate provide and responsibility its to up live to failed BHP, far and so has company the American Anglo with together venture joint Cerrejón of the a part-owner only being Glencore Despite concerns. community account into takes insufficiently which process, resettlement inadequate and delayed the for criticized internationally been has mine coal Cerrejón Glencore’s the in mines. involvement their around issues resettlement community to regards with spotlight the in been repeatedly have Glencore Vale and both Also, Guide ranking. Finance Fair German the in performance poor banks’ two the in evident also is sector extractive the regarding especially Bank Deutsche and DZ Bank by commitments policy of clear lack The companies. extractive harmful with relationships financial prevent to policies insufficient have banks German biggest two the that show clearly examples above-mentioned The ecosystems. on sensitive impacts devastating potentially its to due specifically drilling Arctic or on excluding exploration, gas and in oil active are that clients financing from refraining on either position astrong formulated not yet has Yet, bank the Bank. having high potential for significant ES impacts” ES significant for potential high having as “defined activity an drilling, Arctic in involved are companies of Gazprom’s Both Eni’s support and in operations. was Bank, Deutsche by provision capital of the half i.e. almost billion, €4 human rights and labor”. and rights human of standards accepted internationally contravene that companies 397 394 . While DZ Bank affirms to to lend “not affirms DZ Bank . While 395

396 at Deutsche at Deutsche 59

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 UBS Switzerland: *as at 27 September 2017 Barrick Gold BHP Billiton Rio Tinto Credit Suisse BHP Billiton Anglo American Rio Tinto UBS (Top 3): €million in Shareholdings* Rio Tinto Grupo México Glencore Credit Suisse Barrick Gold Glencore BHP Billiton UBS (Top 3): €million in 2010–2017 Equities and Bonds Loans, 60

and

Credit Suisse Credit 1,322.60 1,591.51 3,374.26 1,040.61 3,188.28 4,031.50 129.98 171.30 340.90 412.19 417.64 836.93

B over time. over amounts financing the in decrease a slight with period, the over €10.7 UBS and €9billion billion provided Suisse Credit banks, two the Of €30 billion. over provided that banks French biggest two the to 2017, comparison in €19.8 acombined billion with 2010- period the over companies harmful to provided funding of terms in mid-range the in are banks Swiss biggest two The Bank. Principles Equator an is Suisse Credit only however Compact, Global UN of the members Tinto and BHP, but also Barrick Gold and Goldcorp. Goldcorp. and Gold BHP, and Tinto Barrick but also Rio include and of UBS those to similar are shareholdings largest Suisse’s Credit €907 million. totalling Gazprom) in shareholdings no (with companies ten of the nine in shareholdings has Suisse Credit México. Grupo in banks the of all shareholder highest the also was UBS Tinto. Rio and Anglo, BHP miners, diversified large three the in are shareholdings highest The €2.2 billion. totalling companies harmful of the ten all in shareholding has UBS Shareholdings: -2017 2010 period the over Suisse Credit and UBS by provided underwritings) and bonds (loans, provision Capital 11: Diagram 1,000 1,500 2,000 2,500 3,000 3,500 500 0 on Business and Human Rights. Both Swiss banks are are banks Swiss Both Rights. Human and on Business Principles Guiding UN apply to the working of banks Group Thun of the members are Suisse Credit and UBS oth 2010 2011201220132014201520162017 UBS Credit Suisse Harmful investments — Switzerland: UBS and Credit Suisse Credit and UBS —Switzerland: investments Harmful confidentiality concerns. confidentiality of client because provided is outcomes their and activities engagement on actual information no however concerns, environmental and on social clients with engage do they that notes also Suisse Credit Report Responsibility Corporate this out in its Risk Management and Sustainability Processes Sustainability and Management Risk its out in this sets Suisse Credit finance. will banks the practices and activities for what setcriteria out theThese relationships. financial their in concerns Environmental and Rights Human approach how they detailing policies have UBS and Suisse Credit Both analysis: Policy million) nearest to rounded are numbers all note (* Category each for million Euro in Amount 12: Diagram 2016. in Gold Barrick to loans provided banks both as companies, performing poor the to recently provided funds includes also This UBS. for €2.3 and Suisse billion Credit for €3 billion Pits”, “The category worst the in companies approx. totalling the to capital provided banks Swiss 2010 biggest Since the Categories: sensitive activity requiring enhanced due diligence. enhanced requiring activity sensitive as and a development exploration gasand oil Arctic defines Suisse Credit In addition, rehabilitation. mine and violations labour resettlements, around concerns similar detail financings for policies gas and oil and mining Gas. and bank’s Oil and The Mining on policies includes This policies. of specific its sector summaries providing as well Statement,as Rights Human its and UBS The Pits Undermined Miner Threat 400

Credit Suisse 399 The Pits Undermined In their their In

398

specific circumstances. specific under drilling Arctic allows which apolicy too, has UBS mining. around and oilgas and mental issues concerns as as well specific environ and rights human wider cover policies These mitigated. be may risks social and environmental any how explore to and policies and processes their understand better to clients with gage investment banking advisory banking investment indigenous peoples”.indigenous of rights the ...infringe that activities commercial in not engage “will UBS that stipulating policy the but also drilling, Arctic UBS’s on contravenes not only policy therefore relationship business This plans. response spill insufficient its as well as spills, oil to regards with of Gazprom track-record disastrous the on report 3 Profits Dirty its in banks other and UBS informed Finance Facing 2014, in Already Arctic. the in land indigenous on spills substantial had it has additionally Sea, Pechora the in field oil Prirazlomnoye to its opposition significant faced has 2016. as Gazprom recently as underwritings bond two in 2010, since participating €340 million totalling Gazprom to to ESG risks ESG to approach bank‘s the detailing document primary the is work - Frame Policy Risk Sustainability and Environmental the For UBS, response plans”.response company’s of the spill adequacy as well as record track and capacity management company’s the safety against assessed are Arctic the in development and exploration gas and oil involving “transactions that notes similarly operations Arctic to related UBS’ of Eni. policy shares in invested €58 million the as such drilling, Arctic in active companies in investments limit not does thus and financings to limited is policy said However, 2011. after companies of these either to capital not provided has bank the appear, Process”. it might as Consequently, Review Risk Reputational the to escalation require subsequently may and Affairs Sustainability to referred be “must that activity, sensitive a as development and exploration gas and oil Arctic consider to policy its in claims Suisse Credit Gazprom. and Eni operations: Arctic in engaged are publication this in Two companies analysis: Practice and Policy UBS. from feedback any We not receive did information. on requested feedback providing and questions survey the to of responding terms in us with well engaged has BNP that noted be It should entities” of investee management the with engagement and voting proxy like rights ownership exercising when and processes decision investment in considered also are risks social and vironmental 403 . As part of this process UBS also notes that they en they that notes also UBS process of this part . As 401 , which is applicable to loans, underwriting and and underwriting loans, to applicable is which , 405 Despite this policy, UBS has provided capital capital provided has UBS policy, this Despite 404

402 . The bank also claims that “en that claims also bank The . 61 - - -

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Harmful investments — Switzerland: UBS and Credit Suisse Credit and UBS —Switzerland: investments Harmful requests for activities related to diamonds and precious metals. precious and diamonds to related activities for requests it only which ICMM, the as such standards on voluntary reliance bank’s the with evident particularly is This sector. whole the across concerns governance and social environmental, relevant all account into take to but fails forms, extractive and minerals certain on focuses as it insufficient, is extractives to relation in policy available UBS’ publicly general, In oversight. policy its in gap aclear is which damage, waste and of tailings risk the around policy specific no has bank the yet México, Grupo in banks the of all shareholdings highest the has also UBS rivers. Sonora and Bacanuchi the into spilled concentrate copper of acidified litres 40 when million mine Cobre del Buenavista at 2014 the August decommissioning and remediation” and decommissioning [..] issues: following the Site addressed adequately has it “that demonstrate should practices management and reputation aclient’s that policy its in details also Suisse Credit ”. history Mexico’s in disaster ecological “worst the for responsible México of Grupo subsidiary the Copper, Southern to funds provided Suisse Credit and 2015,In UBS both practice. into policies own its put sufficiently not does Suisse Credit that shows and report, 3 Profits Dirty the in shown already was which remediation, and decommissioning site to regards with company of the track-record poor the exemplifies This rehabilitated. is mine the claims Goldcorp while contamination, significant and drainage mine acid from suffers 2008, in but still closed Mine Martin San Goldcorp’s Honduras, In case: only the not however is This communities. affected of the expectations the to -contrary complete obligations its considers company the closed, is mine the As communities. local the with disputes these resolved not yet has and closure mine for funds insufficient allocated has company The mine’sthe operations. of consequence adirect be to believed are that settlements local and environment the to damages address to failed and people of indigenous consent the without operated has Goldcorp Guatemala, in Mine Marlin of the lifetime the Over €92million. worth company the in shares holds and million €488 totalling 2017, 2013, since including year every Goldcorp to capital provided 62 406 . Yet Credit Suisse has has Suisse . Yet Credit 407 This occurred in in occurred This ongoing. still is members community local against violence remedy, while to access insufficient have security mine by assault of violent victims Guinea, New Papua in Joint Venture Porgera at the Also evidence. credible as qualify should and ongoing is violence the that indicate interviews These 2014. site since the to visits yearly in forces security public and private (64% Barrick) by owned Mine Mara North Mining Acacia the by of force use of excessive witnesses and of victims, members family victims, ahundred to close interviewed has Canada groups.” MiningWatch indigenous and communities local against of violence use or the children of e.g., as, employment such labor, abuses forced rights human grave in of involvement evidence credible is there which against companies mining advise or not finance “will bank: the that policy Mining its in notes Suisse Credit For instance, processes. diligence due banks’ the in deficiencies the illustrate 2016 further in Gold Barrick to Suisse Credit and UBS both by provided A loan ING and Rabobank and ING Netherlands:The *as at 27 September 2017 Rio Tinto ING €million: in Shareholdings* Gazprom Glencore Rabobank Gazprom BHP Billiton Glencore ING (Top 3): €million in 2010–2017 Equities and Bonds Loans, 2,122.84 1,621.01 2,623.31 2,933.21 207.79 30.17

I and Rabobank on palm oil. on palm Rabobank and chain value gold on the focused is ING commodities, for streams work- three has also group working Analysis Value-Chain DBA’s The or equivalent. GP Framework UN the with line in performance rights human on their report to bank the commits DBA also transactions. and clients for approaches engagement and due-diligence their in integrated requirements rights human and place, in policies rights human have to banks the commits DBA The lending. corporate and finance on project focus will agreement three-year This Rights. DBA on Human Dutch the to signatories also are Rabobank and ING Both Principles. Equator the to subscribe and Compact Global UN of the members both are ING and Rabobank assets. 81% banking of total controlling banks and ING over the period 2010 –2017 2010 period the over ING and Rabobank by provided underwritings) and bonds (loans, provision Capital 13: Diagram ING. for especially banks, Dutch two top the by companies extractive controversial the to provided funds the in visible decline anotable is There years. two last the in 2010, €498 since €2.3 million thereof Rabobank’s billion 2016 2017, in and €1.1 billion with €8.5 thereof compared billion, invested has ING period full the Over other. each from markedly differ banks Dutch two the companies, Profits Dirty ten the in investments sized similar have country each from banks two top the whole on the where countries, other to Contrary billion. €30 banks’ French two the to compared years, seven the over €10.8 with billion countries five of all companies extractive ten the in invested amounts lowest the have banks Dutch two The 1.000 1.200 1.400 1.600 1.800 2.000 200 400 600 800 Netherlands, based on assets. based Netherlands, the in banks largest two the are Rabobank NG and degree of concentration in the banking sector with the top 3 the with sector banking the in of concentration degree 0 2010 20112012201320142015 20162017 409 408 The Netherlands has a high ahigh has Netherlands The Rabobank ING 63

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Harmful investments — The Netherlands: ING and Rabobank and ING Netherlands: —The investments Harmful (* note all numbers are rounded to nearest million) nearest to rounded are numbers all note (* Category each for million Euro in Amount 14: Diagram Goldcorp. and Gazprom Eni, for underwritings bond and loans recent including companies, performing poor these for funds provided recently also has bank The Gazprom. to of this €1.6 of €2.5 billion value billion, the to of companies category worst the to funds provided has too ING €207 million. of 2010 atotal to 2016, and amounting between year every almost Pits) (The Gazprom performing poorly to loans provided has Rabobank category. worst the in companies to provided funds of proportion and amount lowest the have banks Dutch The Categories: Tinto. Rio in of €30 million shareholdings has only ING research. during found were report this in mentioned companies extractive of the any in shareholdings no as Rabobank for low, particularly reasonably are banks both for Shareholdings Shareholdings: 64 Rabobank The Pits Undermined

ING The Pits Undermined Miner Threat to the industry to the exposure limited very has overall and policy, Industry Extractive fund Arctic drilling, this extends to project finance only. finance project to extends this drilling, Arctic fund not it it notes will while that include policy gas and oil ING the in flaws ING. The exceeds far Rabobank policies gas and on oil however policies, mining sufficient have both Rabobank and ING operations in Zambia - can constitute a “key concern”. a“key constitute -can Zambia in operations of Glencore’s case the in -as activities smelting from emissions 2010 2017, air and that between noting €2.9 while billion totalling for 2015for 2016. and members ICMM all across injuries recordable and of fatalities number most the had has and peers its than record safety worse relevant. Statement are Rights Human and Framework Risk Social and Environmental For their ING industries. extractive and rights human covering policies have both Rabobank and ING analysis: Policy contravene its policy. its contravene not does exporters coal world’s thermal of one the as largest Glencore to issued loans purpose corporate general the coal, thermal finance not directly it will that apolicy has Rabobank 2016 2017. in and loans including While went Glencore, to period the over Rabobank by provision capital of the majority The analysis: Practice and Policy topics. environmental and social material on clients monitor 2015), since done closely and have clearly and (and report annual their in annually engagement on their report They processes. engagement to relation in report, this in banks of the structures reporting best of one the has Rabobank this. to related risks health and environmental and of mines aftercare cover which policies have banks Both involved. stakeholders all (FPIC) consent of informed and prior free, to right the including governance, land with responsibly deal to clients encourage to Rabobank by made is commitment this involved, users land all (FPIC) consent to informed and prior voluntary, extends policy Rabobank’s regulations). on IFC (based communities indigenous to consent informed and prior free, extends only also ING extractive industries policy. industries extractive their is here relevant document key the however sustainability, given by Eerlijke Geldwijzer. Eerlijke by given as banks of Dutch assessment Guide Finance 2016 Fair in on the healthy and safe working conditions”. working safe and healthy sufficiently securing including documents, guidance through practices “adopt to good clients encourage to policy extractive 410 Rabobank has a number of policy documents covering covering documents of policy anumber has Rabobank 413 . ING too has updated its policy since then. then. since policy its updated has too . ING 417 ING too has provided capital to Glencore, Glencore, to capital provided has too ING 415 In addition Rabobank also commits in its its in commits also Rabobank addition In 411 412 Both ING and Rabobank were rated rated were Rabobank and ING Both Rabobank has since updated its its updated since has Rabobank 416 However Glencore has a has Glencore However 414

Harmful investments — The Netherlands: ING and Rabobank and ING Netherlands: —The investments Harmful offshore oil exploration” oil offshore Arctic for services finance project “do not provide they that ING’s policy. states the policy enhance would Rabobank by here exclusion explicit an environments, sensitive highly and risk high in operations avoid to reference implicit an indicates this notes Rabobank While investments. future impact should which drilling on Arctic stance their strengthen to policy sustainability its updated weeks, last the in recently very has Rabobank areas). protected marine (for example areas protected as designated legally those only areas, Arctic all not cover would values”, biodiversity high with areas or this preserved however protected legally or international national in operations avoid ’to policy their note in do they however Rabobank, by drilling artic on policy specific no is ING. There than degree smaller it’s though amuch to even Gazprom, to loans in participated continuously also has Rabobank Arctic. the in locations drilling operate of whom both Gazprom, and Eni to years, recent in also billion, €2 totalling loans provided has ING Furthermore, investments. its to commitment this not extend but does mining, uranium support to financing excludes only metals and on mining policy ING’s controversial, as regarded widely is mining uranium While exposure. radiation to related issues health for remediation seeking legally currently are 1976. mine the from Employees since so done has and Namibia, in mine Uranium Rössing the world, the in mine uranium largest sixth the operates and owns Tinto Tinto. Rio Rio in of €30 million shares holds also ING planning and implementation of actions”. implementation and planning in communities of local participation active the requires closure mine “responsible that (ICMM), states Metals which and on Mining Council International of the those as such practices best towards move to companies encourage to claims ING companies. of these operations drilling Arctic of the any funded not have they that state ING ESR framework. the to conform must clients all that note also they finance, corporate not wider those mine closure and land rehabilitation. land and closure mine those among mining, in challenges” “key the to respond to committed therefore is 2009 and since ICMM of the amember 2016, been has 2015 in and €300 million almost to amounting loans provided ING mining operations in the area. area. the in operations mining Goldcorp’s by caused damages the address not sufficiently does and communities local of the consent the lacks which Guatemala, in procedure closure Goldcorp’s mine around concerns significant 418 419 . This only covers project finance and and finance project covers only . This 420 421 Goldcorp, to which which to Goldcorp, Yet, there are Yet, are there 65

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Barclays and HSBC and Barclays UK: The *as at 27 September 2017 Goldcorp Rio Tinto Barrick Gold Barclays BHP Billiton Glencore Rio Tinto HSBC (Top 3): €million in Shareholdings* Rio Tinto Vale Glencore HSBC Barrick Gold Glencore BHP Billiton Barclays (Top 3): €million in 2010–2017 Equities and Bonds Loans, 66

1,411.36 1,673.94 2,552.65 2,096.12 3,295.85 5,491.57 107.86 133.57 153.93 10.02 12.43 15.78

H over the period 2010–2017 period the over HSBC and Barclays by provided underwritings) and bonds (loans, provision Capital 15: Diagram HSBC on rank 4 with over €12 billion. €12 over with 4 rank on HSBC by followed closely analysed, banks European all among second ranks and companies harmful the to €15 over billion provided has Barclays period, seven-year selected the over total In companies. extractive HSBCand for controversial the of by Barclays capital provision the in time over trend discernible clearly no is There underwritings. equity and bond loan, via capital in €3.2 billion a staggering reaching companies, selected the to capital providing in active most –again banks French the –after were banks UK the alone 2016 2017 in data, and recent at more Looking billion. €28 over 2010–2017period the in was companies Profits 10 Dirty the to provided banks UK top two the provision of capital amount total The €10 billion. than more provided each have that banks top 5European the among rank Barclays HSBC and banks UK the 2010 2017, and between period seven-year the over companies extractive harmful to provision at capital looking When issuances: equity and bond loans, of provision Profits: Dirty for provision Capital sector. financial the to Rights Human and on Business Principles UN Guiding the of the applicability define to seeking initiative sector abanking of Group banks, Thun the of member afounding is Barclays Compact. Global UN the to committed HSBC has only banks two of the However, Principles. Equator the and PRI UN the to signatory being including 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 500 0 assets. by UK the in banks largest two the are Barclays and SBC voluntary human rights and environmental standards, standards, environmental and rights human voluntary 2010 20112012201320142015 20162017 422 Both HSBC and Barclays, have committed to to committed have Barclays, HSBC and Both HSBC Barclays Harmful investments — The UK: Barclays and HSBC and Barclays UK: —The investments Harmful involved in this category. category. this in involved banks all among second ranking €5 billion of over provision HSBC’s with companies, these to capital in €9 billion nearly provided banks UK the period seven-year the Over benchmark. CBHR on the poorly very scoring and standards voluntary to Pits”) commitments no (those “the in with of companies category worst the to exposure highest second the had banks UK two The category: by provided Finance funds. up the make companies which and together put are funds how over of control element an them gives This (* note all numbers are rounded to nearest million) nearest to rounded are numbers all note (* Category each for million Euro in provision capital of Amount 16: Diagram Fund. Pooled Equity HSBC Canadian the example for Manager, Fund and Manager Portfolio the both are they where HSBC, by curated are report the in covered funds of the many However, decision. investment the not make do they and of clients behalf on acting it is shareholdings, its for that HSBC states While Tinto. Rio and Goldcorp Gold, Barrick in were top shareholdings Barclay’s million. €48 totalling Gazprom) and of Glencore exception the (with companies ten 8of the in shares holds Barclays €395 million. BHP, Tinto, totalling miners Rio and Glencore, diversified large the in were HSBC’s shareholdings top three totalling €551 million. companies, extractive selected the all in shareholdings HSBC has Shareholdings: Barclays The Pits Undermined Miner Threat HSBC

The Pits Undermined Miner Threat 423

sensitive sectors such as mining, mining, as such sectors sensitive in risks environmental and rights human the illustrate which documents guidance have They of finance. provision the prevent or restrict will they circumstances which in detailing documents policy available publically no has hand other on the Barclays documents. policy internal further as well as sectors, energy and metals and mining the as such risk sustainability to related policies specific including policies, available publicly HSBC has approach: policy Barclays and HSBC of Comparison report. this in detailed companies extractive harmful of the any or excluded blacklisted publicly has banks UK of the Neither the survey or to requests for information. information. for or requests to survey the to not respond did and Finance Facing with contact no had has Barclays survey. the to responding in including publication, this of production the in Finance Facing with well engaged HSBC has customers. extractive their any, if with engagement, its disclose to advised well be would too Barclays critical. also of course is which sector, other any with engagement of their demonstration no is there successful, proved has companies with engagement their that highlight to quick HSBC is While sector. oil palm the with engagement 2017 early in updates ESG regular detailed more publishing began hand other HSBC on the bank. the by NGOs with of engagement lack adistinct also is there addition, In mining. to inherent those and general in risks ESG to related Barclays from policies available of publicly lack aworrying is there banks, European major other to comparison in Especially non-existent. are or project acompany with relationships financial or exclude diligence due enhanced undertake would bank the where or practices indicators clear as non-committal, mining”. sensitive and power, nuclear hydropower, power, fired coal unconventional), and (conventional gas and oil infrastructure, products, forest and forestry agribusiness, for diligence due enhanced “undertake to claim broadly they which in document Lending” in Risk “Environmental an published also has engagement with others to promote good practice.” good promote to others with engagement or constructive relationship, business particular a exiting include may This action. mitigating appropriate take will we rights of human violations with associated are we that discover we where “In notes cases Statement which Rights Human 426 However these policy documents are broad and and broad are documents policy these However 427 , including information on their on their information , including 424 as well as an overarching overarching an as well as 425 Barclays Barclays 67

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Harmful investments — The UK: Barclays and HSBC and Barclays UK: —The investments Harmful to the bank’s asset management business. management bank’s asset the to HSBC.”,to but not products, financing main its to applies it only potentially, and, customer the to or damage controversy cause to enough serious occurrences to refers Material or pollution. spills accidents, to: “Material relation in business restricts policy HSBC’s While mining of €22 million. value the to company the in shareholdings but recently, HSBC has banks European from amounts large not received has 2015. in company The Mexico in spill waste devastating extremely an and violations labour numerous had has Copper Southern México’s subsidiary Grupo €370 2015 in million. 2016, Gold and totalling Barrick relationships. terminate to decide may they violations rights human with associated are they where that Statement claims Rights Human Barclays the above, company. noted the As by violations ongoing the of in 2014 Finance by Facing notified directly being banks (in to both 2015 despite Gold, capital 2016) and provided Barrick have and in shareholdings have both Barclays HSBC and companies: Profits Dirty to banks the of links financial the showing Examples significant negative effects on local populations, local on effects negative significant showing studies with disposal, tailings riverine uses which 2005 since Joint Venture Porgera of the aco-owner been has Gold Barrick significant”. are communities local to mine of the benefits the that and not feasible are options alternative that “evidence provide therefore must and business, restricted under fall 2007 only before technique disputed internationally this 2007”. or since in with water commenced who Yet, customers sea- or shallow rivers in of tailings disposal the “commencing customers for services financial any prohibits bank the policy, metals of HSBC’s and case the In 2014. mining since money of that half almost capital, in 2010 2016 and €2billion between company the providing by Gold Barrick supported - even contrary -on the and action no taken apparently has Barclays the worst environmental damage in the history of Brazil. history the in damage environmental worst the for responsible is which Mineração, Samarco mine of the owner part- is and operations mining coal and ore iron its for criticised been Vale has used. was money the company’sthe operations of part which for unclear it is purposes, corporate general for designated was 2015 money in Vale to SA 2016. and capital this As available. not made is document assessment the however not possible, are and assessed were alternatives Gold Barrick to According indicator. subjective largely and is a broad this as significant” are communities local to “benefits the whether estimate to hard is 68 430 Despite this policy HSBC Canada provided loans to to loans provided HSBC Canada policy this Despite 428 However, while being aware of these violations, violations, of these aware being while However, 431 HSBC also provided provided HSBC also 429 however, it however, 432 and Demands and Recommendations 69

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 and Demands and Recommendations 2% reportontheeffectivenessoftheirhumanrightspractices. report onkeyaspectsofhowtheymanagehumanrightsandonly companies, whichshowsthatonlyabout50%ofthesecompanies undertaken bytheUNPRIoftop50miningandextractive rights incidentsisseverelylacking.Thissupportedbystudies shows thatdisclosure ontheirprogressinrelationtohuman disclosure. Theresultsofour researchintoextractivecompanies also uniquelypositionedtopushcompaniestowardsimproved have adequatelyrespondedandremediated issues.Banksare has improvedinrelationtoESGissues,iewhethercompanies has soughttolayoutwhethercompanies’corporateperformance company’s responsetoincidentsandallegations.Thisdocument of thefirststepsthatshouldbetakenbybanksistolookata has beeninsufficientevidenceofclearstepsbeingtaken.One explicitly awareofviolationsbyextractivecompanies,there that forsomeEuropean Banks,evenwhentheyhave beenmade rights andenvironmentalconcerns.Thetrendsovertimeshow ensure thatminingandextractivecompaniesrespecthuman Financial Institutionsareclearlynottakingstrongactionto for othersectorsandcompetitors. support harmfulorsociallyunjustcompaniescansetaprecedent also thefinanciers.ItisclearthatFIsthroughchoosingnotto publication, thisreflectsnegativelynotonlyonthecompanybut business models.Wheretheseareharmful,asshowninthis can beseentosupportingbyencouraging theiractivitiesand to finance.Byprovidingfinancialresources tocompanies,FIs own operations,butalsoinrelationtothecompaniestheychoose transformation toasustainableeconomy,notonlythroughtheir Financial institutions(FIs)playapivotalroleinthe 70 433

434

Expert GrouponSustainableFinance release oftheFinalReportEUCommission’sHigh-Level substantial stepsthathasoccurred overthepastyearis and accountabilitycommitmentswithinFIs.Oneofthemost (risk management)processes,aswellstrongtransparency through theapplicationofrigorouspolicyandduediligence financial institutionstoeliminatetheseharmfulinvestments This documentcontinuestoadvocateforbindingregulationson approach takenbyGermany. companies, withsomespecificadviceinrelationtotheexisting and financialinstitutionscandotolimitinvestmentsinharmful The followingsectionlooksatwhatgovernments,regulators on HLEG). aspects intothefinancialsystemofEuropean Union(seebox comprehensive plantosystematicallyintegratesustainability

435 . Thisistodatethemost Recommendations and Demands and Recommendations Rabobank shows. of thisinformationbybankssuchas demonstrably successful,asthedisclosure and engagementwithcompanieshasbeen companies arebeingaddressedbybanks violations byminingandextractive This istheclearestwaytoexpressthat Reporting onengagementshouldinclude: well asatimelineforimplementation. actions tobetakenbythecompanyas processes shoulddefinespecificagreed extractive companies.Allengagement overstepping it. this lineisdefinedandwhatconstitutes is imperativethatFIspublishexactlyhow engagement endandexclusionoccur. It between thetwo-atwhatpointdoes companies anddefineaclearprogression 2 1 FIs should: For FinancialInstitutions

sustainability considerations. sustainability on based excluded of companies list and of companies exclusion for criteria companies. with engagement of outcomes and of discussion topic to pertaining information engagement withandexclusionof public allinformationrelatedto Improve transparencybymaking with companiesandexclusionof distinction betweenengagement Ensure thatthereisaclear : exclusion. be atriggerforengagementandpossible where violationsareidentified,thisshould supply chainduediligenceinplaceand ensure thatcompanieshave thecorrect 49). Banksmustapplyrobustchecksto mines (asshowninthefeature onpage labour andforcedlabour inartisanal chains canbesevere,forexamplechild mining companies,violationsinsupply but alsotheirsupplychainoperations.For based notonlyontheirdirectoperations, companies. finance. Thisisespeciallytrueformining banks tocorporationsisprovidedasbroad vast majorityoffinancingprovidedby “General CorporatePurposes”. Yetthe which applytofinancingsprovidedfor to projectfinanceandlessrobustpolicies too oftenhave farstrongerpoliciesrelated recommended bytheHLEGreport.Banks services aswellallfinancings,isalso assets undermanagement,underwriting i.e. investmentsofownassetsand 4 3 5 sector-wide exclusions applyorspecific well asincluding specificsectorswhere bank willfocusparticularattention, as These policiesmustshowwhere the case relatedtominingandextractives. in eachcontroversialsector, this must takeintoaccountthesalient issues high-risk category.Sectoralpolicies and miningsector,itshouldfallinthis human rightsviolationsintheextractives risk sectors–basedonthehighof Guidance banksshouldidentifyhigh Change. InaccordancewiththeOHCHR Rights, Labour Rights,andClimate defined ESGissues,forexampleHuman Cutting policiesapplybroadlyto policies andsectoralpolicies.Cross Banks musthave bothcrosscutting companies, andassesscompanies to identifypossiblenon-compliant Have aproactiveapproachinplace business operationsgroup-wide, transparent andvalidforall Ensure thatESGpoliciesare should notbeusedasacatchall. due diligenceintocompanyoperationsand they arenotareplacementforbanksown voluntarily committoindustrystandards, step toensure thatextractivecompanies While thesestandardsareanimportant external standards,forexampletheICMM. policies tocorporatemembershipof in theirminingandextractivesector It isworthnotingthatmanybanksrefer one voice. reach morecompaniesandtospeakwith to investors enables action Collaborative and notinparticularfinancialdeals. Principles. as definedwithintheUNGuiding adversely affectedbythebank’soperations discovered impacts. updated toincludenewissuesorrecently Arctic drilling.Thesemustberegularly actions meritingexclusion,forexample typically not, however than common more be to seems companies on extractive leverage other financiersorinvestorstoincrease of thetenbankscovered,cooperationwith 6 7 and shareresources. In our survey also worktogethertopoolexpertise Banks can and should where possible individuals orcommunitieswhofeel effective grievancemechanismfor Establish aneasilyaccessibleand

through

industry

associations 71

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Recommendations and Demands and Recommendations and humanrights international labour Disrespect for fundamental Environmental destruction in theDirtyProfitsreportsasbeingsupportedbyFIsandthereforemeritparticularconcern: The followingenvironmentalandhumanrightsviolations,relatedtotheminingextractivesectorareidentified Financial Crimes 72 the development of thesebusinesses/activities: Exclude companies engaged inthefollowing operations to prevent furthering Exclude companies thatviolate normsandstandards: Exclude companies thatviolate normsandstandards:

money laundering,bribery, price/financial manipulations,andembezzlement. This includesbutisnotlimited to corruption, tax avoidance orevasion, FIs mustnotengage infinancialcrimesorsupport companies whichdo. human rightsoflocal communities and/or indigenous people. Have projects thatlead to forced displacements, orthatdisregard thelandor Violate fundamental humanitarian principles. and healthy workplace, rightto alivingwage, equalremuneration, working hours. Deny people’s freedom ofassociation,rightto collective bargaining, rightsto safe supply chainsandown businessoperations. Evidently fail to prevent childlabour, forced labour, anddiscriminationintheir Mountaintop Removal mining. Arctic drilling Deep sea mining violations intheiroperations. In particular companies thathave notremediated oraddressed environmental resultant environmental destruction. Participate inenvironmental destruction/or refuse to compensate for orrestore 437 438 436 440 441

439 Recommendations and Demands and Recommendations wider publichave everyrighttoknow. information thatbankcustomers andthe that weareunabletogleanvaluable confidentiality” response.Thismeans we werefrequentlyfacedwiththe“client with banksincompilationofthisreport remarkably trueforFIs.Inour discussions leads tobetterperformance” in relationtocompanies:“Transparency structures. AstheEUcommissionadmits require specifictransparencyreporting The complexnature ofFIsprocesses effects toothercountries. that thislawinparticularwillhave ripple businesses operations.Itislikelythat human rightsandtheenvironmentinto a comprehensivelegislationtointegrate law hascomethefurthest ofthesetowards adoption oftheFrenchdutyvigilance NGOs (tobeputtoareferendum).The Business InitiativedevelopedbySwiss in theNetherlandsandResponsible Slavery ActintheUK,childlabour law human rights,forexampletheModern initiated bindinginitiativestoprotect change. SomeEuropean countrieshave countries arelikelytoleadfurther agreement, ongoingactionsindifferent efforts have notyetledtoaninternational respect tohumanrights”.Althoughthese control transnationalcorporationswith towards a“legallybindinginstrumentto transnational corporationsisworking entities. Forexample,theUNIGWGon environmental regulationsoncorporate move towardsbindinghumanrightsand relations. Thereareprocessesinplaceto FIs respecthumanrightsintheirbusiness sufficient toassure thatcompaniesand and othervoluntarymeasures arenot The UNGPonBusinessandHumanRights Advice toRegulatorsandGovernments: 442 . Thisis The bindingregulations elements: place onFIsshouldincludethefollowing management criteria strong resistancetodisclosure ofrisk risk managementprocess.Asthereis protected informationinrelationtotheir Financial institutionshave longsince human rightsimpactsofbusinesses. in relationtotheenvironmentaland increase transparencyandaccountability Directive, putinplacemechanismsto of thesedirectives,suchastheCSR treated accordingly.Therequirements than theirdirectbusinessandshouldbe relationships have amuchlargerimpact FIs wideroperationsandbusiness investments inthirdpartyorganisations. all theirbusinessrelationships,i.e portfolio byregion/sector. publish adetailedbreakdownoftheir engagements andataminimumleast company exclusionlists,detailed projects/governments theyfinance, on, forexample,namesofcompanies/ rights, FIsshouldalsoberequiredtoreport issues suchasenvironmentandhuman one waytoachievethis.InadditionESG directives toFIsbusinessrelationshipsis within FIs.Theextensionofexisting the processsurrounding ESGcompliance is increasedtransparencyandreportingof really engageinthismatterthefirststep In orderforcivilsocietyandothersto stakeholders theinformationtheyrequire. no longerbeauniversalexcusetodeny critical. Commercialconfidentialityshould 1 financial institutionsandalsoto companies mustalsoapplytoall ESG criteriathatareapplicableto 444 , regulationis 443 tobeputin and European Regulators. should beseenasabaselineforGerman reporting byinstitutionalinvestors include anassessment oftheimpacts forward, isthat theseplansmustnotonly the planet.Butmostimportant step impacts oftheiractivitiesonpeople and to annuallyassessandaddress theadverse businesses headquarteredinFrance, have environment. Withthislaw,multinational corporate respectforhumanrights andthe marks ahistoricsteptowardsimproving “corporate dutyofvigilancelaw”.Thelaw In February2017,Franceadoptedthe the significantlegalstepmadebyFrance. This canalsobeachievedbyfollowing Principles onBusinessandHumanRights. Action PlanstoimplementtheUNGuiding a government’sdevelopmentofNational This canbesuccessfullyachievedthrough the humanrightsduediligenceprocess. account. report howtheytakeESGfactorsinto requires thattheyincludeintheirannual climate changeintoaccount,thelawalso do institutionalinvestorsneedtotake associated withclimatechange.Notonly banks willneedtoreportontherisks the banks.Institutionalinvestorsand to undertakeaclimatestresstestof regulations committhegovernment systemic riskthatcouldarise.” volatility inordertoaddressanyemerging “continue tomonitorfinancialmarket line withtheG7commitmentin2015to already implemented.Thiswouldbein banks aspartofthewiderstresstests should introduceaclimatestresstestfor 2 3 national andEUlevel. assessment shouldbeimplementedata as insufficient,butaclearcarbonrisk climate. Weconsidercarbonfootprinting a goodstartingpointforregulationon requirement forclimatechange France in2015tointroducealegal The regulationsimplementedin rights, progressivelyintegrating business toreportonhuman It isimportantthatstatesencourage 446 Wesuggestthatthisforms 447 Germanregulators 445 These 448 73

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Recommendations and Demands and Recommendations the environment. to integraterespectforhumanrightsand legislation compellingGermancompanies and hasnotmadeanystepstowardsaclear the Non-FinancialReportingDirective, undertaken theminimumregulationsfor significantly flawedandunambitiousNAP, concerns. Germanyhasadopteda to considerandintegratehumanrights provides astrongimpetusforbusiness While theFrenchlawisnotperfectit Responsible BusinessInitiativeissimilar. subcontractors. TheproposedSwiss but alsothoseoftheirsuppliersand of companiesundertheircontrol, 74 for theirsavingsandinvestments.” and environmentalobjectivesareimportant citizens overwhelminglybelievethatsocial “There isstrongevidencethatEurope’s given bythegroupare: Other crosscuttingrecommendations term sustainability. integrate materialESGfactorsandlong- investors andassetmanagersexplicitly is thatthefiduciarydutiesofinstitutional substantial document.Afurther priority However, thisisjustonethreadina consultation process. strongly supportedthroughouttheHLEG has longbeenworkingtowards,and by banksissomethingthatFacingFinance transparent”. make sustainabilityopportunitiesandrisks of thereportis“upgradingdisclosures to therefore sustainability performanceiscritical- Improving accesstoinformationon is thereforenotbeingheldtoaccount. engage inthefinancialsystemandit citizens andcivilsocietyareunableto disclosure byfinancialinstitutions, It isacknowledgedthatwithoutbetter engagement withsustainablefinance. emphasis isgiventocitizensandtheir system. Throughoutthefinalreport demanding amoreequitablefinancial the keyrolethatcitizenshave in Sustainable Finance(HLEG)recognises by theHigh-LevelExpertGroupon The abovequotecontainedinthereport

observatory on sustainable finance delivery through adedicatedEU to monitorinvestmentplansand to engagewithsustainablefinance citizens ways toempower to consider investment anddevelopment impact onlong-termcorporate markets soastoreduceitsnegative short-termismto confront infinancial one ofthepriorityrecommendations Thedisclosure ofinformation 449 on BusinessandHumanRights. requirements intheNationalActionPlan Non-financial disclosure anditsweak EU DirectivessuchastheDirectiveon weak mannerthatithaswithprevious recommendations fully,andnotinthe considers andadoptstheHLEG It iscriticalthattheGermangovernment markets andpolicy-making. becomes apermanentfeature ofEuropean but theextenttowhichsustainablefinance which itsrecommendationsareadopted, the HLEGwillnotjustbedegreeto defines exactlyhow.Theultimatetestof sustainable financeisapriorityand to European financialinstitutionsthat document providesastrongindication still needtobeimplemented,butthe further actionandtherecommendations This reportprovidesaframeworkfor real changesinfinancialpolicy? But towhatextentwillthisworklead

global level. the to drivesustainablefinanceat policy-making First’ principleattheheartofEU to establisha‘ThinkSustainability investment do notundulydiscourage long-term to ensurerules thatEUaccounting benchmark transparencyandguidance market financial to improve Exclusions Appendix 1: 1: Appendix Vale Rio Tinto Grupo México SABdeCV Goldcorp Glencore Gazprom Eni BHP Barrick Gold Company SEB FDC AP7 DNB BankASA UCA Funds TOBAM TOBAM Ethias Caring Capital Group FDC Norwegian Government pensionfund Global ACTIAM ACTIAM Norwegian Government pensionfund Global ACTIAM KLP Pensioenfonds Horeca &Catering Storebrand PGB ACTIAM Delta Lloyd Asset Manager EVZ SEB Ethias WSRW Öhman Folksam Sydbank Storebrand Central Finance Board oftheMethodist Church EVZ Ethias wespath KLP TOBAM ACTIAM AP7 Ethias AP7, FDC,BMOGlobal Asset Management, UCA Funds DNB BankASA Pensioenfonds Horeca &Catering Storebrand National Provident Fund Zealand New TOBAM AP2 SEB Achmea Caring Capital Group FDC ACTIAM Delta Lloyd Asset Manager Danske Norwegian Government pensionfund Global PGB ZealandNew Superannuation fund KLP AP7 Exclusion List

Due to itsassociationto adeadly accident (Brazil). environmental damage. The company violates humanrightsandcontributes to activities (Indonesia&Papua Guinea). New Due to itsassociation to environmental impact caused by mining Labour unionconflicts violations Failure to engage withthefoundation onpossiblehumanrights worst emitters ofgreenhouse gases“. Company‘s „highexposure to coal“, whichmakes them„oneofthe and for international lawandhumanrightsviolations Serious climate andenvironmental damage thecompany causes violations ofhumanrightsnorms. Activities intheoccupied Western Sahara andtherelated possible extraction ofArctic oilinRussia. Company actsinviolationoftheParis Agreement through the connection withafatal accident inBrazil. Violations ofenvironmental standards andhumanrightsin Activities inuranium mining,Thermalcoal, andshale gas. Chile andArgentina. Environmental standards associated withminingoperations in Violates theGlobal Compact. Violations oflabourrightsnorms. Argentina). Environmental impact inminingproject (Papua Guinea New & Examples of reasons provided for exclusion 75

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Note smallresponse willaffect validity of survey. Responses from Banks to survey 2: Appendix Skipped question Answered question No Yes operations insensitive areas suchasUNESCO WorldHeritage sites, seriouspollutionviolations. These can includesuchelementsasviolationsrelated to indigenous peoplesandFree, Prior andInformed Consent, Does thebank set criteria for when they will notinvest inanextractive company ieExclusion Criteria. Skipped question Answered question Other, please specify Voluntary PrinciplesonSecurity andHumanRights International Council onMiningandMetals OECD Guidelinesfor MultinationalCompanies UN GuidingPrinciplesfor BusinessandHumanRights Which normsandstandards hasthebank taken into account indeveloping theirextractive policy? Skipped question Answered question Asset management Investments own accounts An internal sets policy outfurther standards ispublicallyThe policy available If Yes (tickallthatapply) Skipped question Answered question No Yes and humanrightsimpacts andrisksassociated withtheindustry? Does thebank have aspecificpolicyin relation to extractives which takes into account theenvironmental Skipped question Answered question Other, for example NGOresearch andinformation Does notutiliseESGinformation for theextractive industry Own internal research Ratings Agency in theextractive industry? Where doesyour bank source investor information related to sociallyresponsible investments ESG screeningprocessforMining,MetalsandExtractives 76

Percent 100% 100% 100% 100% 80% 80% 80% 80% 50% 50% 75% 83% 83% 83% 0% 0% 0% % % % % Number ofresponses

5 5 4 5 # # # # 1 5 1 5 4 4 4 4 2 4 2 2 3 1 5 0 6 5 5 5 0 0 0 Appendix 2: Responses from Banks to survey to Banks from 2: Responses Appendix Skipped question Answered question No Yes for extractive companies? to value andprotect water, for example water bonds,orwater scarcity assessmentssuchastheWater RiskMonetizer, Does thebank consider water asaspecific concern related to extractives and participate inmeasures Skipped question Answered question Investments (Asset management) Investments (OwnAccounts) Project financing Corporate financing If Yes, to whichkinds of relationships doesthisapply?(tickallthatapply) Skipped question Answered question No Yes (for example rankings onclimate disclosure?) Does thebank consider climate change commitments whenreviewing companies intheextractive sector Skipped question Answered question Other clients new Only reviews Ad hoc On aregular basis environmental concerns? (Please specifyanydetails inthecomment box below) How often doesthe bank review corporate clientsandfinancial relationships in terms ofhumanrightsand Skipped question Answered question No Yes Pension Fund exclusion List? Does thebank consider otherpublishedblacklists(exclusion lists)suchastheNorwegian Government 100% 100% 100% 100% 17% 83% 60% 80% 80% 20% 0% 0% 0% 0% % % % % % 77 5 5 6 5 # # # # # 0 6 1 5 1 5 3 4 0 6 1 5 1 5 4 1 0 0 0 0

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Appendix 2: Responses from Banks to survey to Banks from 2: Responses Appendix Skipped question Answered question Skipped question Answered question Investments (Asset management) Investments (OwnAccounts) Project financing Corporate financing If Yes, to whichkinds of relationships doesthisapply?(tickallthatapply) Skipped question Answered question Yes investigate andpractice bothpolicy No, onlyevaluates practices No onlyevaluate policies Does thebank take into account boththepoliciesandpractice of extractive companies? Skipped question Answered question Investments (Asset management) Investments (OwnAccounts) Project financing Corporate financing If Yes, to whichkindsof relationships doesthisapply?(tickallthatapply) 78 100% 100% 100% 100% 40% 60% 83% 17% 40% 60% 0% % % % 5 5 5 5 # # # 0 6 1 5 2 3 0 6 5 1 1 5 2 3 0 Appendix 2: Responses from Banks to survey to Banks from 2: Responses Appendix Skipped question Answered question No Yes Does thebank publishanyinformation onitsengagement process? Skipped question Answered question Yes No in relation to engaging withextractive companies onESG issues? Does thebank cooperate withotherfinanciers orinvestorsfund managers to increase itsleverage Skipped question Answered question No Yes and thecompanies listed documentspecifically? inthesummary Does thebank useanyothertools, otherthandialogue,to influence extractive companies broadly, Skipped question Answered question Skipped question Answered question No Yes relations with)inrelation to theviolationsmentioned? Has thebank engaged withanyof thecompanies listed document(thatithasfinancial inthesummary Skipped question Answered question Skipped question Answered question The bank was unaware ofviolations The bank hasnorelationships withany ofthecompanies inthereport During anongoing clientrelationship? Prior to establishing afinancial relationship withapotential customer? that have document? been includedinthesupportingsummary When were you first madeaware of theviolationsagainst the ten miningand extractive companies Bank Engagementwithextractivecompanies 100% 50% 50% 75% 25% 33% 67% 25% 0% 0% 0% 0% % % % % % 79 2 # # # # # 0 6 3 3 2 4 3 1 3 3 1 2 5 1 4 2 1 5 2 4 1 0 0 0 0

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Appendix 2: Responses from Banks to survey to Banks from 2: Responses Appendix Skipped question Answered question No Yes provided (withwhichithasfinancial relationships), asa requirement of the company receivingfurther finance. Can thebank commit to engage, ifithasnotdonesoalready, withthecompanies covered report inthesummary Skipped question Answered question Asset management Investments own accounts Project financing Corporate financing If Yes, to whichkinds of relationships doesthisapply?(tickallthatapply) Skipped question Answered question No Yes Has thebank blacklisted anyextractive companies onenvironmental, socialandgovernance grounds? Skipped question Answered question Skipped question Answered question Other Company level Aggregate level If Yes, (tickallthatapply) isthispublishedat: 80 100% 100% 100% 100% 100% 100% 100% 0% 0% 0% 0% % % % % 1 1 1 1 1 2 1 # # # # 5 1 5 1 4 2 0 6 5 1 0 0 0 0 Abbreviations 3: Appendix UNGP UNFCCC UNESCO UNEPFI UNDRIP UBOS UN UDHR TLC TB SOMO SEAT SAAE QMM PJV PODER PNG OECD NGO NAOC LNG LH ILO IFC ICESCR ICMM ICCPR IBAMA HRDD GPFG GHG FTSE FPIC EVF EITI DRC CSR CRC CHRB CEO CEDAW CDP CBD BFA AGM United NationsGuidingPrinciples onBusinessandHumanRights United NationsFrameworkConvention onClimateChange United NationsEducational,Scientific andCultural Organization United NationsEnvironmentProgrammeFinanceInitiative United NationsDeclarationontheRightsofIndigenousPeoples Uganda Bureau ofStatistics United Nations Universal DeclarationofHumanRights Twerwaneho Listeners’ Club Tuberculosis Centre forResearchonMultinationalCorporations Socio-Economic AssessmentToolbox Serviço AutônomodeÁguaeEsgoto QIT MadagascarMinerals Porgera JointVenture People OrganizingtoDemandEnvironmentalandEconomicRights Papua NewGuinea Organisation forEconomicCo-operationandDevelopment Non-Governmental Organization Nigeria AgipOilCompany Liquid Natural Gas LafargeHolcim International Labour Organisation International FinanceCorporation International CovenantonEconomic,SocialandCultural Rights International CouncilonMiningandMetals International CovenantonCivilandPoliticalRights Brazilian EnvironmentalAgency Human rightsduediligence Norwegian GovernmentPensionFund Greenhouse Gases Financial Times StockExchange Free, PriorandInformedConsent Egbema VoiceofFreedom Extractive IndustriesTransparency Initiative Democratic RepublicofCongo Corporate SocialResponsibility Convention ontheRightsofChild Corporate HumanRightsBenchmark Chief ExecutiveOfficer Convention ontheEliminationofAllFormsDiscriminationagainstWomen Carbon Disclosure Project Convention onBiologicalDiversity Bread forAll Annual GeneralMeeting 81

FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 Endnotes 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 http://www.consilium.europa.eu 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 www.ohchr.org (Accessed 08.11.2017) explicit reference to safe drinking water and sanitation. OHCHR (nd): International standards: Human rights treaties with 24 April. http://londonminingnetwork.org (Accessed 08.11.2017) threats and disappearing water: Anglo American’s marathon AGM, London Mining Network (2017): Dead and dying workers, death 24 April. http://londonminingnetwork.org (Accessed 08.11.2017) threats and disappearing water: Anglo American’s marathon AGM, London Mining Network (2017): Dead and dying workers, death duct failure. 12 March. Reuters. www.reuters.com Reuters (2018): Anglo American halts output at Brazil ore unit after 24 April. http://londonminingnetwork.org (Accessed 08.11.2017) threats and disappearing water: Anglo American’s marathon AGM, London Mining Network (2017): Dead and dying workers, death 08.11.2017) Mining A Baseline Study. Jan. www.bgr.bund.de (Accessed Max Planck Foundation and BGR (2016): Human Rights Risks in (Accessed 08.11.2017) AngloAmerican (2011): Minas-Rio. Sep. www.angloamerican.com http://londonminingnetwork.org (Accessed 08.11.2017) Minas Rio iron ore mine in Brazil. 24 Jul. London Mining Network (2017): Briefing on Anglo American’s 08.11.2017) mine in Brazil hits roadblock. www.mining.com 22 Sept. (Accessed Jamasmie, C (2017): Anglo’s plan to further expand vast iron ore http://londonminingnetwork.org (Accessed 08.11.2017) Minas Rio iron ore mine in Brazil. 24 July. 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Globo.com (2016) : PF conclui inquérito da tragédia de Mariana e https://gridarendal-website-live.s3.amazonaws.com http://www.agenciaminas.mg.gov.br (Accessed August 2017) and rompimento da Barragem de Fundão em Mariana-MG GFT (2015) Avaliação dos efeitos e desdobramentos do www.valor.com.br have saved lives in Mariana | Valor International. “Valor International.” Samarco CEO says emergency plan could http://direitorio.fgv.br implications of the greatest environmental disaster in Brazil. Schmitt N (2016): Samarco case: legal, economic and social GRID-Arendal, Nairobi and Arendal. UnitedAssessment. Nations Environment Programme and Storage: Safety Is No Accident. A UNEP Rapid Response Roche, C., Thygesen, K., Baker, E. (Eds.) 2017. Mine Tailings https://seer.imed.edu.br português no link PDF). Retrieved 17, 2018. January emergencial das barragens no Brasil (texto conta com a versão em planning for dams in Brazil / As deficiências do plano de ação Sampaio, J. A. (n.d.). The deficiencies of the emergency action https://seer.imed.edu.br português no link PDF). Retrieved 17, 2018. January emergencial das barragens no Brasil (texto conta com a versão em planning for dams in Brazil / As deficiências do plano de ação Sampaio, J. A. (n.d.). The deficiencies of the emergency action H0I8R1ibhuVS_MorTIk9QA shtml&sa=D&ust=1516185781821000&usg=AFQjCNEToKve tou-plano-de-emergencia-contra-desastres-mas-nunca-usou. brasil/2015/11/24/internas_polbraeco,507813/samarco-contra- url?q=http://www.correiobraziliense.com.br/app/noticia/ had one, it was never implemented. claims they had an Emergency Action Plan. By all accounts if they that there was no emergency plan (as quoted above). Samarco implemented, the report by the Government of Minas Gerais notes Emergency Action Plan was developed in 2009 but never Emergency Action Plan. The majority of sources note that an It is worth noting that sources differ on whether there was an Accessed 17, 2018. January ing. TheStreet. 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Brazil dam www.rabobank.com for individualsandcommunities whomaybeadversely impacted.” participate in effective operational-level grievance mechanisms and remediated directly, business enterprises should establish or UNGP 29: „To make it possible for grievances to be addressed early or cooperate in their remediation through legitimate processes.” caused or contributed to adverse impacts, they should provide for UNGP 22: „Where business enterprises identify that they have (Accessed 20.02.2018) “Protect, Respect and Remedy” Framework. Business and Human Rights - Implementing the United Nations Refer to UNGP 31 in United Nations (2011): Guiding Principles on June 2016. www.banktrack.org (Accessed 19.02.2018) against the UN Guiding Principles on Business and Human Rights. BankTrack (2016): Banking with principles? Benchmarking banks www.thestreet.com 18, 2016. 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FACING FINANCE | DIRTY PROFITS 6 | 2018 FACING FINANCE | DIRTY PROFITS 6 | 2018 449 448 447 446 445 444 443 442 441 440 439 438 437 436 435 https://ec.europa.eu 434 433 432 431 430 429 428 427 426 425 424 423 422 421 420 https://ec.europa.eu 11.12.2016) Declaration June 2015. Office of the Press Secretary, The White House (2015): G7 Leaders www.institutionalinvestor.com (Accessed 11.12.2016) New climate risk tools take shape.3 June. Institutional Investor (2016): Goodbye carbon footprint? http://2degrees-investing.org (Accessed 11.12.2016) 48 of the French Energy Transition Law. 2 degrees investing (2016): 2° Investing regulation in France Article (Accessed 11.12.2016) law 1 February. Investment and Pensions Europe. www.ipe.com S (2016):FranceRust, aims high with first ever investor- reporting Change and Sustainability Services. www.kpmg.com KPMG (2013): Human rights in the Banking Sector; KPMG Climate across the EU. that it is a binding legislative It must be applied in its entirety act. As a point of clarification: A ‘Regulation’ in EU terminology means http://europa.eu information by large companies and groups –FAQ ; 15 April. European Commission (2014): MEMO disclosure of non-financial consent. 1989 (no169) which includes references to free, prior and informed Indigenous People, ILO Indigenous and Tribal people’s convention This includes but is not limited to the UN Declaration on Rights of Rights. Also see the appendix A of this document. the International Covenant on Economic, Social and Cultural Rights, International Covenant on Civil and Political Rights and These include but are not limited to The Declaration of Human http://ilo.org With particular reference to the ILO Conventions. www.washingtonpost.com regulations in the US now prevent Valley Fill. There are no specific regulations refering to MTR mining however, known as the Arctic Rule Specific Arctic regulations have recently been approved in the US, environment. Refer to the Appendix A for a list of norms and standards related to www.unpri.org HUMAN RIGHTS AND THE EXTRACTIVE INDUSTRY | 2015 www.claremontmckenna.ed (Accessed 11.12.2016) the World’s Major Banks; Roberts Environmental Centre. Haskell, H and Berkowitz S (2013): 2013 Sustainability reporting of See Analysis on page 53 Risk Policies. www.hsbc.com (Accessed 02.02.2018) HSBC Holdings plc (2014): Introduction to HSBC’s Sustainability Protocol. www.craigvogt.com (Accessed 02.02.2018) International Maritime Organization, London Convention/ Disposal of Mine Tailings Final Report Adopted by the Vogt, C (2013): International Assessment of Marine and Riverine Recommendation of 14 August 2008. www.regjeringen.no Council on Ethics (2008): To of Finance: the Ministry Rights. www.home.barclays Barclays Bank PLC (2016): Barclays Group Statement On Human www.hsbc.com Environmental, Social and Governance Nov. (ESG) Supplement. (ESG) Update. Apr. www.hsbc.com and HSBC Holdings plc (2017): HSBC Holdings plc (2017): Environmental, Social and Governance statement of our approach. www.home.barclays Barclays Bank PLC (2016): Environmental risk in lending – Rights. www.home.barclays Barclays Bank PLC (2016): Barclays Group Statement On Human Mining & Metals. www.home.barclays Barclays Bank PLC (2015): Environmental and Social Risk Briefing: HSBC (2018): Fact sheet CDN Equity. www.hsbc.ca IN THE UK. www.advisoryhq.com (Accessed 12.02.2018) (2017): 2017 RANKING Advisory & REVIEWS: TOP RANKING BANKS (Accessed 13.02.2018) ICMM (2018): ICMM 10 Principles. www.icmm.com (Accessed 13.02.2018) ICMM (2018): Planning for Integrated Mine Closure. 86 www.whitehouse.gov www.bsee.gov www.icmm.com

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Ole Kaleschke Gestaltung, Berlin — www.olekaleschke.de Layout: Lesley Burdock Coordination and Editing: Collectif Tany, World Rainforest Movement and Re:Common. Richard Solly and Andrew Whitmore of London Mining Network as well as to Special thanks to: Susanne Fries (Misereor) Antingidos pela VALE Comités de Cuenca Rio Sonora Fredemi Thomas Küchenmeister (Facing Finance) Sarah Guhr (Facing Finance) Lesley Burdock (Facing Finance) Julia Dubslaff (Facing Finance) Greenpeace Russia Catherine Coumans (MiningWatch Canada) Jen Moore (MiningWatch Canada) Jan Schulz (Facing Finance) Colin Roche (Friends of the Earth Europe) Authors and researchers: Schönhauser Allee 141, Hinterhaus 2, D-10437 Berlin Thomas Küchenmeister, Managing Director, Facing Finance e.V., Responsible Publisher: information, please contact us at [email protected]. found an inaccuracy in our report or if you wish to provide additional Finance, partner organizations, and its researchers. If you believe you have reflects all publicly available sources of official information known to Facing publicly available information. Therefore, the information in this report overall lack of transparency in many controversial sectors produces gaps in strives to achieve the highest level of accuracy in its reports. However, the or the production and export of controversial weapons. Facing Finance from human rights violations, environmental destruction, corruption, and/ Facing Finance e.V. calls on investors to divest from companies benefitting Berlin, May 2018:

Bundes­ den Standpunkt von Engagement Global gGmbH und dem verantwortlich; die hier dargestellten Positionen geben nicht Für den Inhalt dieser Publikation ist allein Facing Finance e.V. mit finanzieller Unterstützung des Gefördert durch ENGAGEMENT GLOBAL Funded by: organization. register of associations as No. VR 32177B-1 and is accredited as a non-profit Facing Finance e.V. is listed at the district court Berlin-Charlottenburg in the A publication by: Kindernothilfe-Stiftung With support from: Entwicklung wieder. ministerium für wirtschaftliche Zusammenarbeit und

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